PetroVietnam posts positive revenues despite falling oil prices
PetroVietnam posts positive revenues despite falling oil prices
The Vietnam Oil and Gas Group (PetroVietnam) reported positive business results in the first eight months despite falling global oil prices.
The group reported VND489.5 trillion (more than US$21 billion) in revenue in the reviewed period, exceeding the target by 19 per cent although the average price of crude oil fell to $58.62 per barrel in August compared to the predicted price of $65 per barrel.
In the period, the group contributed VND68.9 trillion ($2.96 billion) to the State budget, 14 per cent above the plan and accounting for 78.8 per cent of the yearly target.
The group also fulfilled its production targets. Particularly, PetroVietnam Ca Mau Fertiliser Joint Stock Company began its contract to export 47,500 tonnes of fertiliser to India in August.
To complete the yearly plan, PetroVietnam said it would keep a close watch on the fluctuations of global oil prices, improve market forecasting and reasonably adjust output for export and processing to ensure the nation’s GDP growth target, energy security and budget collection.
Along with applying advanced technologies to improve business activities, the group will carry out financial solutions to respond to variations in global oil prices.
