The Vietnam National Oil and Gas Group (PetroVietnam) announced aturnover of 560 trillion VND (approximately 26.6 billion USD) for thelast nine months, accounting for 84 percent of the annual target, in apress conference in Hanoi on October 8.

Chairman ofPetroVietnam’s Member Council Nguyen Xuan Son said the group exceededits targets of 5-22 percent for the January-September period.

Duringthe 9-month period, the group achieved oil reserves and exploitationvolumes of 28.53 million tonnes and 20.34 million tonnes, respectively,accounting for 81.5 percent and 79 percent of the annual plan.

Meanwhile,11.92 billion kWh of energy were produced and fed into the nationalgrid over the last nine months, 1.03 billion kWh more than planned,representing 76 percent of the annual target.

Production of fertiliser during the reviewed period reached 1.23 million tonnes, 81 percent of this year’s target.

Thegroup contributed 125.5 trillion VND (nearly 5.9 billion USD) to theState budget during the period, 89.3 percent of the year’s objective.The figure is expected to reach 167 trillion VND by the end of the year,which is almost 20 percent more than initially expected for this year.

By the end of 2014, PetroVietnam aims to increase its oil reservesto 50-55 million tonnes and exploit 28 million tonnes of oil.

Accordingto Son, the group generated a pretax profit of over 54 trillion VND(2.53 billion USD) during the last nine months, meeting 98.4 percent ofthe year’s target.

PetroVietnam worked hard to promote theequitisation of its subsidiaries. As scheduled, the PetroVietnam Ca MauFertilizer Ltd Co., the Binh Son Oil Refinery Ltd Co., and the Dung QuatShipyard will be equitised by the end of 2015.

It hasinstructed its member companies to implement strict restructuring plansand the corporation-wide development strategy for 2025.

Additionally,the group highlighted the need to manage offshore exploration, miningdevelopment and exploitation in the East Sea; expand markets forbio-fuels; and run social welfare activities.-VNA