PVN’s revenue hits USD3 billion in first quarter

The Vietnam National Oil and Gas Group (PVN) has earned revenue of VND64.5 trillion (nearly USD3 billion) in the first quarter, equivalent to 72% of the quarter’s target and 18% of the year’s plan, reported the group.

The firm continued to maintain higher figures from those of the same period last year. The total volume of exploited oil in the first three months this year reached 7.21 million tonnes, 27.1% of the year’s plan of a year-on-year rise of 4.9%. Of this, crude oil volume was 4.61 million tonnes, 27.4% of the year’s plan or up 8.2% over a year earlier.

The group exploited 2.6 billion cubic meters of gas, up 3% of the quarter’s target and equal to 26.5% of the year’s plan.

The group’s oil and gas reserves also increased to 4.83 million tonnes of oil equivalent, equal to 13.8 per cent of the whole year’s target.

PVN produced 5.37 billion kWh in the first quarter, up 49.2% compared with the target, or a rise of 24.8% year-on-year. Meanwhile, the fertiliser output was 424.1 thousand tonnes; petrol production was 1.67 million tonnes and fibre production was 6.67 trillion tonnes.

For finance, the industrial production value in the three months was estimated at VND125 trillion (USD5.8 billion) in the first quarter, 12% higher than the quarter’s target and equivalent to 28% of the year’s goal.

Total turnover of the whole units and members in the group posted VND132.2 trillion (about USD6 billion), 81% of the quarter’s target or 18.4% of the year’s plan.

The group contributed VND28.5 trillion (USD1.3 billion) to the state budget in the first three months, only 79% of the quarter’s target and 18% of the year’s plan./.

( Compiled by VNF )