PVN still holds the production and business rate

In April 2018, all units of PVN has held the normal business output rate, basically completes the monthly plan and tasks and the first quarter of 2018....

Challenges

PVN started the 2018 business plan with many difficulties and challenges such as the unstable crude oil’s price maintaining at the low level; the unexpected situation in the South China Sea, the critical competition from imported products.

Besides, the exploitation quantity in 2018 of oilfields decreased and is going to significantly affect to the implementation of exploit targets in the country.

Stabilization of  the production and business rate

PV Drilling’s employees

By the end of April, all units of the Group have kept their normal production pace and production targets from 2% to 18%. The Safety activities have been carried out by the oil and gas contractors / units strictly, no incidents occur; communication work is maintained smoothly.

Total output of petroleum in April reached 2.06 million tons, equaling 36.5% of the year plan. Oil output in April reached 1.17 million tons, equaling 36.2% of the year plan, of which domestic oil production in 4 months reached 4.16 million tons, overseas 4 months reached 0.63 million ton.

Gas output in April reached 0.89 billion m3; Electricity production in April reached 2.01 billion kW, equaling 35.8% of the year plan; April fertilizer output reached 135.4 thousand tons, equaling 35.7% of the year plan; Petroleum Group's production in April reached 648 thousand tons, equaling 19.7% of the year plan.

Regarding financial targets, total revenue of the Group in 4 months reached VND177.1 trillion, equal to 30% of the year plan. Paying the State budget for the whole four months reached VND31.5 trillion, equal to 42% of the year plan. Total consolidated tax profit in 4 months reached VND7.6 trillion, equal to 40% of the year plan.

Remarkably, despite facing many difficulties and challenges, in the first 3 months of 2018, most of PVN's member units have exceeded their production targets and financial indicators. Some production units such as VSP, PVEP, Vietsopetro, BSR, PVPower, PVFCCo, PVCFC have kept pace and are sticking to their assigned plans. All units of PVN have been focusing on deploying solutions to implement the plan in 2018 which is approved by the Group.

Especially, after nearly 3 years of suspension, with the efforts and determination of PVN and shareholders of PetroVietnam Petrochemical and Textile Fiber Joint Stock Company (PVTEX), Dinh Vu Fibers Company has produced 3 DTY yarn production lines on April 20. As of April 30, the factory has produced 46.7 tons of yarn, of which 94% of the products produced in grade A. In May, Dinh Vu Fibers Factory is going to produce 200 tons of yarn.

Also in April, PVTEX has signed a framework agreement to sell DTY yarn with two DTY consuming companies: Tin Thanh and Yunnan. In addition there are a number of other large customers that have also paid attention to and ordered.

Generally, in 4 months of 2018, production norms of PVN have exceeded from 2 to 18%. Financial indicators of the Group such as total revenue and state budget have exceeded the target and higher than the same period of 2017, in particular: Group turnover exceeded 16% of the plan, increase of 12% over the same period of 2017; State budget contribution exceeded 28% of the plan, up 17% over the same period in 2017.

New Energy Journal