Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung chaired a conference in Hanoi on January 6 to review 2019 activities of the Vietnam Oil and Gas Group (PetroVietnam) and launch its 2020 tasks. 

He asked the PetroVietnam to perform four important tasks, including safely, stably and efficiently operating oil and gas projects, enhancing oil and gas exploration and exploitation, strongly developing the gas industry, and accelerating key projects to ensure oil and gas, and electricity supply for the country. 

PetroVietnam General Director Le Manh Hung said the group met difficulties in 2019, with the financial mechanism for parent company and restructuring scheme still waiting for approval. 

However, it still basically met targets 2-60 days ahead of schedule. 

Specifically, domestic and overseas oil exploitation surpassed 11 million and 2 million tonnes, 6 percent and 5.3 percent higher than the plan, respectively. Gas exploitation increased 5.2 percent from the plan to more than 10 billion cu.m. 

The total revenue reached 736.2 trillion VND (32 billion USD), up 20 percent by the annual plan and 17 percent from 2018. Its contribution to the State budget hit 108 trillion VND, up 23.5 percent by the target. 

The before-tax profit was 43.8 trillion VND, up 40 percent by the plan. 

Also during 2019, PetroVietnam actively dealt with five poor projects and completed a report on PetroVietnam restructuring scheme for the 2019 – 2025 period. 

As tasked, it will strive to tap 20.36 million tonnes of oil equivalent and produce 21.6 billion kWh of electricity, over 1.56 million tonnes of fertilisers and more than 11.8 million tonnes of fuel. 

Its 2020 turnover is projected at over 640 trillion VND and revenue to the State budget at more than 82 trillion VND./.