Illustrative image (Source: PetroVietnam) Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) contributed 23.8 trillion VND (1.04 billion USD) to the State budget in the first quarter of this year, representing a year on year rise of 12 percent and exceeding the quarterly plan by 30 percent. Total oil production of the firm in the period was 6.34 million tonnes, exceeding the plan by 4.5 percent. The group also generated 5.72 billion kWh of power, 431,200 tonnes of nitrogen, and 1.69 million of petrol. At the same time, its financial targets were completed, with total revenue of 136.3 trillion VND (5.99 billion USD), surpassing its plan by 12 percent and posting a rise of 15 percent year on year. However, the firm is likely to face many difficulties in fulfilling the goals set for 2018 as the crude oil price in the world has fluctuated unexpectedly, affecting its business. Meanwhile, PetroVietnam’s major products are coping with fierce competition … [Read more...] about PetroVietnam’s Q1 budget contribution exceeds target
Petrovietnam
PetroVietnam beats Q1 business targets
Viet Nam News HÀ NỘI – Việt Nam National Oil and Gas Group (PetroVietnam) reported better-than-expected business results in the first quarter but is expecting more challenges towards the end of the year. The group earned VNĐ136.3 trillion (roughly US$6 billion) in revenue in the last three months, a rise of 12 per cent over the target set for the first quarter and up 15 per cent year on year. Its contribution to the State budget reached VNĐ23.8 trillion, surpassing the target by 30 per cent, and up 12 per cent over the same period last year. Oil and gas production exceeded the plan by 4.5 per cent, totalling 6.34 million tonnes of oil equivalent. The production of electricity, fertilisers and petroleum also beat expectations by 5 per cent to 9 per cent. The group’s power companies supplied 5.72 billion kWh to the national power grid in the first quarter, up 8.1 per cent over the plan. The fertiliser production output was 431,200 tonnes, up … [Read more...] about PetroVietnam beats Q1 business targets
Former PetroVietnam chairman sentenced 18 years in jail
Dinh La Thang (second, right) and other defendants at the trail. (Source: VNA) Hanoi (VNA) – The Hanoi People’s Court on March 29 handed down an 18-year jail sentence to Dinh La Thang, former Chairman of the Member Council of the Vietnam Oil and Gas Group (PetroVietnam), for “deliberately violating State regulations on economic management, causing severe consequences.” With the same charge, one of Thang’s accomplices, Nguyen Xuan Son, former Deputy General Director of PetroVietnam, was sentenced to 30 months in prison. Meanwhile, Vu Khanh Truong and Nguyen Xuan Thang, both former members of the Member Council of PetroVietnam, were sentenced to 5 years and 22 months in jail. Nguyen Thanh Liem and Phan Dinh Duc, who are also former members of the PetroVietnam Member Council, received non-custodial re-education periods of 20 months and 15 months, respectively, for the charge. Ninh Van Quynh, former chief accountant and former head of the department of … [Read more...] about Former PetroVietnam chairman sentenced 18 years in jail
Japan bank considers funding PetroVietnam’s gas project
The Japan Bank for International Cooperation (JBIC) is considering funding the Block B&52/97 project of the Vietnam Oil and Gas Group (PetroVietnam) using loans without a government guarantee. General Director of PetroVietnam Nguyen Vu Truong Son (R) works with a JBIC representative on financial arrangements for the project General Director of PetrolVietnam Nguyen Vu Truong Son recently worked with JBIC representatives on financial arrangements for the project. According to PetrolVietnam, the project, worth nearly US$10 billion, is one of the two largest gas projects in Vietnam. The capital arrangement for the project is one of the main concerns of foreign partners involved in the project. The Block B&52/97 project’s oilfield development report was approved by contractors and the State appraisal council, while its environmental impact assessment report was ratified by the Ministry of Natural Resources and Environment. The quantitative risk assessment … [Read more...] about Japan bank considers funding PetroVietnam’s gas project
PV Power replaces PetroVietnam as power plants investor
The Vietnam National Oil and Gas Group, known as PetroVietnam, has proposed transfering two gas-fuelled power plants – Nhon Trach 3 and 4 – to PetroVietnam Power Corporation (PV Power), according to the Government Office. The transfer aims to reduce pressure on the group to arrange the necessary capital, in order to focus on other major State-owned coal, oil and gas projects, PetroVietnam said. In September 2017, the Ministry of Industry and Trade had requested the Prime Minister reduce pressure on PVN regarding investment capital in several key thermal power projects including Long Phu 3, Nhon Trach 3 and Nhon Trach 4. Should PV Power choose to contribute 100 per cent of owner’s equity in the two projects, it will have to mobilise VND2.39 trillion ($106.4 million) worth of development investment funds, while divesting up to VND4.6 trillion ($204.8 million) from its subsidiaries and increasing its chartered capital via additional share issuances in the next three … [Read more...] about PV Power replaces PetroVietnam as power plants investor