The Vietnam National Oil and Gas Group contributed 23.8 trillion VND (1.04 billion USD) to the State budget in Q1, exceeding the quarterly plan by 30 percent.
Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam)contributed 23.8 trillion VND (1.04 billion USD) to the State budget in thefirst quarter of this year, representing a year on year rise of 12 percent andexceeding the quarterly plan by 30 percent.
Total oil production of the firm in the period was 6.34 million tonnes, exceedingthe 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 totalrevenue of 136.3 trillion VND (5.99 billion USD), surpassing its plan by 12percent and posting a rise of 15 percent year on year.
However, the firm is likely to face many difficulties in fulfilling thegoals set for 2018 as the crude oil price in the world has fluctuatedunexpectedly, affecting its business.
Meanwhile, PetroVietnam’s major products are coping with fiercecompetition from imported ones, while obstacles in related policies andmechanisms have yet to be removed.
The reduction in exploitation in major wells in 2018 is also forecast,while geological risks are rising, negatively impacting oil production of thewhole country, including the PetroVietnam.
PetroVietnam produced 15.52 million tonnes of oil in 2017, surpassingits set target by 1.3 million tonnes. -VNA
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Illustrative image (Source: PetroVietnam) 
