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Petrovietnam kicks off 2024 with many positive results

VIETNAM, February 21 - HÀ NỘI — Petrovietnam reported positive outcomes in its business operation in January surpassing most targets, notably, in ensuring domestic fuel supply during the Lunar New Year. Production of crude oil, gas, electricity, gasoline and urea increased compared to the same period last year. Financial goals were also exceeded, with revenue and tax contributions surpassing the plan.

Petrovietnam effectively implemented directives from the Prime Minister and other agencies to ensure domestic fuel supply during the Lunar New Year. Operations during the holiday were smooth, safe, and at high capacity, ensuring ample supply of raw materials and energy products for people's lives and socio-economic development.

In January, crude oil production reached 865,000 tonnes, surpassing the target by 2.8 per cent and increasing by 1.5 per cent compared to December 2023. Gas production reached 552 million cubic metres, increasing by 8.7 per cent compared to December 2023 and by 1.4 per cent compared to January 2023. Electricity production reached 2.23 billion kWh, increasing by 18.4 per cent month-on-month and by 35 per cent year-on-year.

Financially, Petrovietnam surpassed its January 2024 targets, with total revenue reaching VNĐ68.9 trillion (US$2.9 billion) and tax contributions at VNĐ9.9 trillion. The corporation's leadership emphasised the need for unity and continuity to achieve goals set in the management plan.

In the group’s January meeting, Petrovietnam President and CEO Lê Mạnh Hùng emphasised Petrovietnam will continue to update its operations based on macroeconomic conditions, focusing on analysis and evaluation to drive development. In the oil and gas sector, the corporation will focus on increasing reserves and production while investing in research and proposing new policies to drive institutional reform. Maintaining stable operations and close coordination between units will be key priorities. — VNS