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Home / Economy / Industry
PVN's Q1 budget contribution surpasses target
Cam Anh 11:05, 2018/04/05
In the first three months of 2018, The Vietnam National Oil and Gas Group (PVN) contributed VND23.8 trillion (US$1.04 billion),exceeding the target by 30%.
Accordingly, PVN’s total oil production in the period reaches 6.34 billion tons, exceeding the quarterly goal by 4.5%. The firm also generated 5.72 billion kWh of power, 431,200 tonnes of nitrogen, and 1.69 million tons of petrol.
In addtion, financial targets of the firm such as total revenue, state budget contribution are fulfilled with the later of VND136.3 trillion (US$5.99 billion), surpassing its plan by 12% while the former hits VND23.8 trillion, up 30% against the target.
 
Illustrative photo
Illustrative photo
Notably, though facing with difficulties in the 2018’s first quarter, almost all the PVN’s subsidiaries complete business production and financial targets. Some highlighted production units of VSP, PVEP, Rusvietpetro, BSR, PVPower, PVFCCo, PVCFC remain the stable operation track.
As forecasted, the PVN would face numerous challenges in completing the goals set for 2018 as the crude oil price in the world sees unexpected fluctuation. The East Sea dispute also affects the oil exploration as well as foreign investment attraction.
Meanwhile, the firm’s major products are coping with fierce competition from imported ones, while obstacles in related policies and mechanisms have yet to be removed. The reduction in exploitation in major wells in 2018 is also forecast, while geological risks are rising, negatively impacting oil production of the whole country, including the PVN.
Last year, PVN managed to surpass all business production targets with the domestic yield of crude oil of 1.29 million tons beyond the annual target, and its contribution to the state budget exceeding VND22.9 trillion (US$1 billion).
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