The Vietnam Oil and Gas Group (PVN) earned VND762.86 trillion in revenue last year, representing an annual increase of 18% and meeting the target 50 days ahead of schedule.
PVN exploited 310 millionth of crude oil on August 8 and 90 billionth cu.m. of gas on October 24.
It generated 70 billion Kwh of electricity as of December 22 and churned out 8 million tonnes of fertilizer as of September 20.
The Dung Quat Oil Refinery produced 20 million tonnes of petroleum by May 20, 62 days earlier than expected.
In addition, the group signed four new contracts, had five new oil discoveries and put nine oil fields into operation.
In 2014 PVN plans to pump up 16.83 million tonnes of crude oil, bring ashore 9.8 billion cu.m. of gas, generate 15.7 billion Kwh of electricity. It aims to earn VND673.3 trillion and contribute VND144.5 trillion to the State budget.
To meet its target, the group has worked out 12 solutions, including tightening control of the parent company and its subsidiaries and investment projects and strategies for attracting further investment.
At a press briefing in Hanoi on January 7, PVN Chairman of Board of Directors Phung Dinh Thuc said PVN is accelerating its restructuring project in 2012-2015 with a focus on five main fields – oil and gas exploration and exploitation, oil refinery, gas industry, electricity industry and high quality oil and gas services.
The group is divesting from non-core business, aiming to withdraw its capital from Oceanbank and merge its Petrovietnam Finance Corporation (PVFC) with Western Bank by 2015.
Source: VOV onlines
