Energy Giant PetroVietnam’s Revenue Beats Jan-Sep Target

PetroVietnam contributed 8.7% to the country’s budget revenue between January and September.

State-run energy giant PetroVietnam has said it earned 367.5 trillion dong ($16.18 billion) in the nine months through September, 16% above the January-September plan and meeting 84% of the full-year estimate.

It paid 68.8 trillion dong ($3 billion) to state coffers in the period, exceeding the none-month plan by 21% and meeting 92% of this year’s plan. The amount accounted for 8.7% of the country’s budget revenue in the period.

PetroVietnam, which stands for Vietnam National Oil and Gas Group, tapped 19.01 million tons of oil equivalent between January and September, or 73.6% of the whole-year target. Of the amount, the group exploited 11.7 million tons of oil, including 1.46 million tons produced overseas.

The group added that it produced 7.31 cubic meters of gas, meeting 69% of the year’s plan; 15.59 billion kilowatt hours (kWh) of electricity, equivalent to 77.6% of the plan.

In addition, it produced 4.46 million tons of petroleum products, 22.6% higher than the none-month plan and meeting 65.6% of the year’s plan.

According to the General Statistics Office, the output of Vietnam’s mining sector decreased 8.1% in the nine months, driven by a 10.7% deceleration of crude oil and natural gas.

Minh Anh / BizLIVE