PetroVietnam reports VND 42,500 billion pre-tax profit in nine months

The total revenue in nine months was estimated at VND 643,200 billion, exceeding 26% of the target set for the period, equal to 95% of the yearly plan.

This represents a positive development in the first nine months of the year, with rising oil prices in the third quarter compared to the previous period.

However, the industry still faced challenges such as lower prices compared to the same period last year and a supply and demand imbalance. Low electricity mobilization led to low gas mobilization, which affected crude oil exploitation targets and gas surplus.

In the reviewed period, PetroVietnam exploited 7.85 million tonnes of crude oil, exceeding the planned volume by 14.2% and accounting for 84.6% of the yearly target.

Of which, domestic oil was 6.51 million tonnes, while 1.34 million tonnes were exploited abroad, exceeding the nine-month plan by 16.8% and 2.7%, respectively.

The nine-month gas output reached 5.76 billion cubic metre, 11% higher than the planned for the period and accounting for 72.1% of the figure planned for the whole year.

It produced 17.55 billion kWh, exceeding 1.2% of the nine-month, up 45.6% over the same period in 2022 (12.06 billion kWh).

The industry is preparing to inaugurate the one million tonne Thi Vai LNG terminal (the first and largest LNG terminal in Vietnam), while efforts to accelerate energy in the country projects (Nhon Trach 3 and 4 thermal power plants, O Mon 3 and 4 power plant projects,…).

As of September 30, PetroVietnam’s total consolidated assets are estimated to reach VND 998 trillion (approximately $42.5 billion) and its brand value reached nearly $1.4 billion. This is a significant increase from 2019, with a brand strength index of AA-.