Business

PetroVietnam earns less over falling oil prices

Despite climbing production indexes, the national oil and gas group PetroVietnam saw its half-year revenue reduce by 8 percent annually due to dropping oil prices.
Despite climbing production indexes, the national oil and gas groupPetroVietnam saw its half-year revenue reduce by 8 percent annuallydue to dropping oil prices.

The group’s ViceDirector Do Chi Thanh unveiled the information at an online session heldby the Ministry of Trade and Industry on July 1.

According to Thanh, the group earned 168 trillion VND (7.7 billion USD)with a net profit of 23.6 trillion VND (1.08 billion USD).

PetroVietnam posted an overall crude oil output of 9.26 milliontonnes in six months, up 9.2 percent year-on-year. It also produced 3.48million tonnes of petrol and oil of all kinds and 14.49 billionkilowatt hours of electricity.

Minister ofIndustry and Trade Do Huy Hoang said in the initial plan for the year,PetroVietnam was scheduled to pump about 14.74 million tonnes of crudeoil with an expected price of 102 USD per barrel, equivalent to 700 USDper tonne, in order to reach a national growth target of 6.2 percent.

However, during the period, oil prices have dropped to as low as 65 USD per barrel, falling well below expectation.

Given the situation, the ministry is considering new crude exploitation plan in order to realise macro-economic targets.-VNA
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