Amid the challenging global economic situation, Petrovietnam remains determined to uphold its goals set at the beginning of the year. — Vietnam News
HANOI: In the face of challenges in the global and domestic economic landscape, the Vietnam National Oil and Gas Group (Petrovietnam) demonstrated resilience and proactive business operations in the first nine months of 2023.
Ending September, Petrovietnam achieved an oil extraction volume of 7.85 million tonnes, surpassing the nine-month plan by 14.1% and reaching 84.6% of the annual target. Of this, domestic oil extraction amounted to 6.51 million tonnes, exceeding the nine-month plan by 16.8% and foreign crude oil extraction reached 1.34 million tonnes, surpassing the nine-month plan by 2.7%.
Gas extraction for the nine months reached 5.76 billion cubic metres, exceeding the nine-month plan by 11% and achieving 72.1% of the annual target of 7.94 billion cubic metres.
Electricity production and supply for the nine months reached 17.55 billion kWh, surpassing the nine-month plan by 1.2% and achieving 73.1% of the annual target, marking a 45.6% increase compared to the same period in 2022.
Fertiliser production for the nine months reached 1.3 million tonnes, exceeding the nine-month plan by 5.2% and achieving 81% of the annual target, representing a 4.8% decrease compared to the same period in 2022.
Amid the challenging global economic situation, Petrovietnam remains determined to uphold its goals set at the beginning of the year. The world economy, in general, and major economies, in particular, face difficulties and uncertainties, with recovery being unsustainable.
The Global Purchasing Managers’ Index, including Vietnam’s index, consistently remains below 50 points, indicating a contraction in the manufacturing sector, weak market demand, and financial and currency markets experiencing abnormal volatility, posing numerous risks.
In the domestic context, it is widely acknowledged that achieving gross domestic product (GDP) growth targets under the outlined scenarios is extremely challenging.
For the oil and gas sector, despite positive factors such as an increase in oil prices in the third quarter compared to earlier periods, prices remain lower than the same period last year.
Additionally, challenges persist in supply and demand and the market has experienced various anomalies, with low electricity mobilisation affecting oil extraction and gas surplus.
In the face of these challenges, Petrovietnam said it remains steadfast in its commitment, exerting continuous efforts to achieve its growth targets. The company said it is focusing on making the highest contribution, supporting GDP growth as well as ensuring the nation’s energy security.
The total revenue Petrovietnam for the first nine months is estimated at 643.2 trillion dong, exceeding the nine-month plan by 26%, and is equivalent to 95% of the annual plan.
The contribution to the national budget for the first nine months is estimated at 102.4 trillion dong, surpassing the 2023 annual plan by 31%.
The consolidated pre-tax profit of the group for the first nine months is estimated at 42.5 trillion dong, surpassing the annual plan by 22%.
As of Sept 30, Petrovietnam’s consolidated total assets are estimated at 998 trillion dong, and the Petrovietnam brand value reaches nearly US$1.4bil (tripling from 2019) with a brand strength index at AA-. — Viet Nam News/ANN
