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PetroVietnam’s revenue down with world prices
The Viet Nam National Oil and Gas Group (PetroVietnam) reported a revenue of just VND95.5 trillion (US$5.3 billion) in the first five months of this year, 21 per cent lower than the same period last year, mostly due to lower global oil prices.
The group earned about $2.7 billion from exporting 7.3 million tonnes of crude oil during the period, falling 45 per cent against the corresponding time last year.
Chairman Dinh La Thang attributed the low income to crude global oil prices only averaging $50 per barrel, nearly a half in comparison with the average price peak of $106 last year. As a result, the group paid VND34.5 trillion (more than $1.9 billion) into the State Budget in the first five months, 18 per cent less than a year earlier, he said.
Although export turnover from crude oil plunged up to 45 per cent, its total revenue only reduced 21 per cent because the income from its non-core business such as finance, services, power and fertiliser helped the group perform.
The group’s revenue from services was VND32.5 trillion ($1.8 billion) during the period. Whereas, it supplied nearly 3.4 billion cu.m of gas and generated 3.1 billion Kwh.
The group also disbursed about VND25.8 trillion in a number of ongoing major projects, including the Dung Quat Oil Refinery; a five-star hotel and office complex in Ha Noi’s My Dinh area; a fertiliser plant in Ca Mau; the Nghi Son oil refinery complex; the Long Son refinery and the Nhon Trach power plants No 1 and 2.
About 143,000 tonnes of crude oil exploited offshore hadbeen shipped to Dung Quat for processing.
Thang said Dung Quat so far had churned out 730 tonnes of petrol A90, 780 tonnes of Jet A1 and kerosene and 1,660 tonnes of diesel.
The group also signed six contracts to exploit oil and gas abroad, three co-operation agreements with Nicaragua, Bolivia and Argentina and two joint-research agreements with partners of Nicaragua.
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