Oil giant earns $2.1b in January

The PetroVietnam Group announced at a press conference in Ha Noi yesterday that it expected to earn nearly VND44.7 trillion (US$2.1 billion) in revenue in January, up 37 per cent against the same period last year.

Of the total revenue, $895 million will come from exports and the remainder will be made from product sales and services that are sold within the domestic market.

“The group produced 100 million tonnes of crude oil, 104,000 tonnes of fertiliser, 112 billion Kwh and 116,000 tonnes of various kinds of petrol products,” said Le Minh Hong, PetroVietnam deputy director general.

The group is expected to pay VND11 trillion in taxes in January, a year-on-year increase of 35 per cent.

The company is aiming to earn VND486 trillion (US$23.1 billion) in total revenue by the end of this year.

To complete these objectives, the group will continue to improve its organisation and its member companies; remodel management; develop human resources; use advanced technologies; boost oil and gas exploration locally and abroad and make bold investments, said Hong.

Dinh La Thang, chairman of the group, said: “Petrovietnam needs a total investment capital of $5-6 billion this year, 30 per cent of which will come from its ownership capital and the remaining capital will come from equitisation, initial public offerings and commercial loans.”

Last year, the group turned over VND478 trillion ($22.8 billion), a year-on-year increase of 59 per cent.

“Oil and gas services earned about VND152 trillion, making up 32 per cent of the total turnover,” said Hong.

Also yesterday, PV Power – a member of PetroVietnam – also reported that it expected to earn a total turnover of more than VND10 trillion ($476 million) with an after-tax profit of VND80 billion this year.

PV Power hopes to produce about 12.5 billion Kwh this year, which will come from Ca Mau Power Plant, Nhon Trach Power Plants No1, No2, Phu Quy Power Plant and Nam Cat Power Plant. — VNS

Tags: PetroVietnam