Friday , June 21 2024

Vietnam Electricity owes Petrovietnam $971M

Oil and gas giant Petrovietnam has liquidity issues because it has not been able to collect payables of VND23 trillion ($971 million) from state-owned utility Vietnam Electricity.

Over VND14 trillion of the amount is past due, and this is having a major impact on its own business, the oil company said in its first-half financial report.

EVN has financial problems after making a loss of VND19.5 trillion last year.

Petrovietnam also said that the oil and gas industry has been hit by plunging prices amid economic challenges.

In the first six months Petrovietnam produced nearly 12.7 billion kilowatt-hours of electricity, 4.5% higher than the target.

Its crude oil output was 5.3 million tons of which it sold 83% domestically.

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