Reaching the finish line early, Petrovietnam continues to strive to best complete its 2023 goals

Source

Last November, although production and business conditions continued to be difficult, the consumer market and prices of petroleum products dropped sharply, Vietnam Oil and Gas Group (Petrovietnam) continuously achieved early target of production and business targets, creating momentum to realize growth aspirations in 2023, in order to contribute more and support the country’s economy.

In November, Petrovietnam’s main production targets were all completed and exceeded 2.7-72.7% of the plan (plan).

In particular, thanks to the effectiveness of solutions to maintain output and increase reserves, crude oil exploitation output in November reached 0.86 million tons, exceeding 9.8% of the monthly plan, up 1.7% compared to results of October (in which, domestic crude oil exploitation increased by 2.7%); Electricity from PV Power increased by 4%; NPK increased by 95.1%; polypropylene increased by 7.2% compared to October.

Many growth indicators compared to the same period in 2022 (petrol increased by 4.1%, urea increased by 4.6%, NPK increased by 3.2 times, LPG increased by 3.6 %, polypropylene increased by 12%).

Petrovietnam maintained its production and business pace, achieving positive results in the first 11 months of the year

Financial indicators continue to exceed high levels.

Total revenue of the entire Group in November reached 89 trillion VND, exceeding 59% of the monthly plan, up 2% compared to October; The Group’s entire state budget contribution (excluding NSRP) in November reached 13.1 trillion VND, exceeding 84% of the monthly plan.

After 11 months, the Group has completely completed its financial targets for the whole year 2023, reaching the target 1.5 – 5 months earlier than the plan and exceeding the whole year plan by 7-81%. Accumulated for 11 months, total revenue of the Group is estimated at 833.6 trillion VND, exceeding 34% of the 11-month plan, exceeding 23% of the yearly plan; State budget contribution is estimated at 134 trillion VND, exceeding 86% of the 11-month plan and 71% exceeding the yearly plan.

It is forecast that by the end of 2023, many indicators will have high growth compared to 2022, especially investment indicators will have many improvements, growing 24% over the same period, along with other indicators such as electricity and petroleum production, Ca Mau urea, Ca Mau NPK, LPG, polypropylene…