PVN's Q1 budget contribution surpasses target
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.
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).
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
|
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).
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues