Petrovietnam revenue growth 19%

Thanks to good management of fluctuations, Petrovietnam's revenue in the first quarter of 2024 continued to reach a remarkably high level, while investment disbursement remained modest.

In March, all basic production indicators of the Vietnam Oil and Gas Group (Petrovietnam) increased sharply compared to February, especially the average daily oil exploitation in March reached the highest level since the beginning of the year.

In March 2024, crude oil exploitation reached 0.87 million tons, exceeding the monthly plan by 20.1%. Gas exploitation reached 618 million m3, exceeding 35.7%; nitrogen production reached 160,700 tons, exceeding 7%; NPK production reached 34,400 tons, an increase of 74.3%; electricity production reached 2.61 billion kWh, an increase of 74.3% compared to the monthly plan.

LNG vessel imports first LNG Thi Vai terminal in 2024

In the first quarter of 2024, most of the Group's production targets exceeded the plan: crude oil exploitation reached 2.54 million tons, exceeding 19.4% (domestic crude oil reached 2.09 million tons, exceeding 20% of the plan; crude oil exploitation abroad reached 0.45 million tons, exceeding 16.7% of the plan); other gas exploitation reached 1.69 billion m3, exceeding 32% of the plan; nitrogen production reached 475,800 tons, exceeding 7% of the plan; NPK production reached 77,300 tons, exceeding 59% of the plan; gasoline production (excluding Nghi Son Refinery and Petrochemical Company) reached 1.61 million tons, exceeding 22.5% of the plan (if including output from Nghi Son, it reached 3.61 million tons, exceeding 18.7% of the plan); Polypropylene production reached 36,500 tons, exceeding the plan by 20.7%.

Compared to the same period in 2023, some essential production indicators of Petrovietnam have grown such as gasoline production (including NSRP) increased by 9.8%; electricity production increased by 17.5%; nitrogen production increased by 3.2%; NPK production increased by 41%.

Thanks to good implementation of fluctuation management, although the prices of Petrovietnam's key products in the first quarter of 2024 decreased by 2 - 16% compared to the same period in 2023, the main financial indicators were all completed exceeding the quarterly plan by 33-56% and had high growth compared to the same period in 2023.

Total revenue of the Group in the first quarter of 2024 is estimated at VND 231,000 billion, exceeding the quarterly plan by 33%, up 19% over the same period in 2023.

The Group's total budget contribution is estimated at VND 31,300 billion, exceeding the quarterly plan by 40%, up 5% over the same period in 2023.

The total investment value of the Group reached VND 4,9300 billion, an increase of 44.6% over the same period in 2023.

Dung Quat Oil Refinery Maintenance

Production and business activities of member and affiliated units are stable, many units have completed their targets well compared to the set plan such as: BSR, PVOIL, Parent Company of the Group, PV GAS, PVCFC, PVI, PVDrilling...

The overall maintenance of Dung Quat Refinery is following the set schedule. Petrovietnam continues to increase supply to meet the maximum demand for gas, electricity, gasoline, and other key products for the economy.

At the meeting with leaders of member units, Chairman of the Board of Directors of Petrovietnam Le Manh Hung also requested relevant units to have solutions to maintain oil and gas production output, especially domestic gas production which is declining sharply; ensure fuel supply for production and high availability of power plants during the peak of the hot season; manage supply chain risks of petrochemical refineries in the context of escalating geopolitical tensions in many regions; continue to promote investment; control exchange rate risks; ...; resolutely maintain the target according to the Group's management plan.

In terms of management, comrade Le Manh Hung requested to focus on investment management, especially large projects such as Block B, upgrading and expanding Dung Quat Oil Refinery, investing in areas expected to form energy industrial centers such as Ca Mau, Ba Ria - Vung Tau, Quang Ngai, Thanh Hoa, Ha Tinh, Hai Phong; resolving problems in difficult and weak projects; promoting international cooperation; building a human resource management strategy, promoting the completion of staff planning at the parent company and member units in a synchronous manner.

Source