PetroVietnam’s State budget payment surpasses 2021 target
The Vietnam Oil and Gas Group (PetroVietnam) has surpassed important business and financial targets set for the first nine months of 2021, with its contribution to the State budget fulfiling the yearly plan.
Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) hassurpassed important business and financial targets set for the first nine months of 2021, with its contribution to the State budget fulfiling the yearly plan.
Amidthe COVID-19 pandemic, PetroVietnam adopted a number of response measures,including forecasting, flexible management, and connecting links in the valuechain, which helped the firm maintain production and trade, as well as expand markets.
In the past nine months, its oil equivalent output reached 8.2 million tonnes,surpassing the target by 13 percent. Its total revenue also exceeded the plan by16 percent to 437.8 trillion VND (19 billion USD) while its contribution to the Statebudget hit 65.9 trillion VND, higher than the yearly target by 5 percent and up17 percent year-on-year.
PetroVietnamalso put the Su Tu Trang (White Lion) oil field into operation as scheduled,and ensured the progress of other fields such as BK-18A and BK-19.
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As ofSeptember 30, PetroVietnam donated 775.8 billion VND to the fight againstCOVID-19, including 554.9 billion VND to the national COVID-19 vaccinefund. Duringthe nine-month period, the company saved over 2.2 trillion VND, or 80.9 percentof this year’s plan. On September 9, the international credit rating agency Fitch Ratings assessedPetroVietnam’s standalone credit profile at BB . It also affirmed the group’sLong-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a PositiveOutlook as well as senior unsecured rating at 'BB'. PetroVietnamGeneral Director Le Manh Hung said in order to achieve the 2021 business andfinancial targets, PetroVietnam will continue flexibly adapting to the pandemicdevelopments, thereby seeking measures to grasp growth recoveryopportunities./.
With the goal of helping to guarantee national energy security and in response to a downward trend in oil and gas extraction output, the Vietnam Oil and Gas Group (PetroVietnam) has identified the research and assessment of its opportunities in developing the hydrogen industry, including producing “green” hydrogen and exploring natural hydrogen sources, as a crucial task.
The Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177 percent and tripled the figure for the same period last year, reaching 30.2 trillion VND (1.32 billion USD).
Despite impacts of COVID-19, the Vietnam Oil and Gas Group (Petrovietnam) fundamentally fulfilled its set targets in the first eight months of this year.
Fitch Ratings has assessed the Vietnam Oil and Gas Group (PetroVietnam)'s Standalone Credit Profile (SCP) at 'BB+', reflecting the company's conservative financial profile, diversification and integration.
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Illustrative image (Photo: VNA) 
