Petrovietnam reports record profits

Its revenues surged 48% to VND931.2 trillion, also the highest in its 61-year history, thanks to 3-26% higher production of natural gas, gasoline, fertilizers, and electricity, its general director Le Manh Hung said at a review meeting.

It pumped 10.84 million tons of crude oil, 8.98 million tons in Vietnam and 1.86 million tons abroad, almost the same as in 2021.

Its gas output increased by 8.3% to 8.08 billion cubic meters, gasoline and diesel production by 9% to 6.96 million tons and electricity output by 10.2% to 17.64 billion kWh. Its urea exports increased by 2.1 times to a record 606,000 tons.

Speaking at the meeting Prime Minister Pham Minh Chinh said energy markets and crude oil and gasoline prices would continue to fluctuate this year, and so PVN should operate stably to help ensure national energy security.
PVN plans to produce nearly 9.3 million tons of crude, 5.94-8.11 billion cubic meters of natural gas, 1.6 million tons of urea, 24 billion kWh of electricity, and 5.53 million tons of gasoline and diesel this year.

With crude oil prices predicted to be around $70 per barrel this year, down from $107 last year, PVN targets revenues of VND677.7 trillion and consolidated profits of VND34 trillion.