PetroVietnam overcomes price decline to post positive results
PetroVietnam overcomes price decline to post positive results
Despite sharp declines in crude oil prices, the Viet Nam Oil and Gas Group (PetroVietnam) achieved satisfactory production and business results during the first five months of this year.
This was announced by PetroVietnam Deputy General Director Do Chi Thanh during a meeting at the Ministry of Industry and Trade last week.
Thanh also noted that some 7.6 million tonnes of crude oil was exploited during the five months, representing 108 per cent of the firm's target for the period.
The volume of gas exploited was 4.5 billion cubic metres, or 104 per cent of the targeted figure, and the yield of oil products rolled out was 12.1 million tonnes, or 107 per cent of the planned volume.
The company recorded a total turnover of VND122 trillion (US$5.81 billion), or 83 per cent of the five-month quota, and earned an after-tax profit of VND17.1 trillion ($814.28 million), equivalent to 87 per cent of the plan.
Thanh said that in the face of declining oil prices, the company had tried to cut costs to achieve these results.
In May, crude oil prices averaged $67 per barrel, rising by $5 from the April level. However, the average price during the five months was $60 per barrel, down 46.7 per cent over the same period last year.
