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PetroVietnam sees strong growth in Q1

In March, the company witnessed significant growth in all key production indicators, with daily oil production reaching its highest level of the year.

Engineers at Dung Quất oil refinery. Petrovietnam’s total revenue reached VNĐ231 trillion (US$9.1 billion) in the first quarter, up 19 per cent year-on-year. — Photo courtesy of Petrovietnam

HÀ NỘI — PetroVietnam continued to post robust business results in the first quarter of 2024 thanks to effective management amid volatilities, while investment disbursement remained modest.

In March, the company witnessed significant growth in all key production indicators, with daily oil production reaching its highest level of the year.

Particularly, crude oil production surpassed expectations by 20.1 per cent to 0.87 million tonnes while gas production exceeded projections by 35.7 per cent to 618 million cubic metres. 

Nitrogenous fertiliser output increased 7 per cent from the monthly target to 160,700 tonnes, NPK production soared 74.3 per cent to 34,400 tonnes, and electricity output surged 74.3 per cent to 2.61 billion kWh.

As a result, most production indicators of PetroVietnam were successfully achieved, exceeding the planned targets in the first quarter. 

Compared to the same period last year, petroleum production, including output from Nghi Sơn Refinery and Petrochemical, increased by 9.8 per cent, while electricity production increased by 17.5 per cent, nitrogenous fertiliser rose by 3.2 per cent and NPK production climbed by 41 per cent.

Despite Petrovietnam's core product prices dropping by 2-16 per cent year-on-year in the first quarter, its key quarterly financial targets were mostly exceeded by 33 - 56 per cent, showing significant growth compared to the same period last year.

In the first three months of the year, Petrovietnam’s total revenue reached VNĐ231 trillion (US$9.1 billion), up 19 per cent over last year and exceeding the quarterly plan by 40 per cent. 

The total budget contribution is estimated at VNĐ31.3 trillion, surpassing the quarterly plan by 40 per cent and increasing by 5 per cent from last year. Total investment value was VNĐ4.93 trillion, a 44.6 per cent increase from Q1/2023.

During the period, the business operations of members and subsidiaries were stable, with many units such as Binh Sơn Refining and Petrochemical Co Ltd, PVOIL, PV GAS, PVCFC, PVI and PVDrilling, successfully meeting their targets. 

The comprehensive maintenance work at the Dung Quất refinery is closely following the schedule. Petrovietnam continues to increase supply to meet the maximum demand for gas, electricity, petroleum products and other key products for the economy.

At the meeting with subsidiaries' leaders, Lê Mạnh Hùng, Chairman of the Board of Directors, President and CEO of the group, emphasised the need to maintain oil and gas production, address declining domestic gas output, ensure fuel supply for production and power plants during peak periods, manage supply chain risks, promote investment, control exchange rate risks and stay committed to Petrovietnam’s management plan.

He requested focus on investment management, especially on large projects such as Block B – Ô Môn, upgrading and expanding Dung Quất oil refinery, and investing in areas expected to form energy industry centres such as Cà Mau, Bà Rịa – Vũng Tàu, Quảng Ngãi, Thanh Hóa, Hà Tĩnh and Hải Phòng. — VNS