Petrovietnam's revenue surges despite market swings

With this addition, the total over the last seven months has reached 6.38 million tonnes, exceeding the plan by 22% and equivalent to 73% of the yearly target.

It is predicted that the group's total income from January to July was $23.4 billion, 64% more than the initial goal and 56% more than the sum for the same time in 2021, as reported by a recent monthly meeting of the company headed by General Director Le Manh Hung.

Petrovietnam will continue to closely monitor market trends in the second half of this year in order to optimize reserves and run oil production effectively in order to remain profitable.

In July, the average price of Brent crude oil decreased 9% from the previous month. Early in August, the price kept falling and reached its lowest point before the Russia-Ukraine war.

By keeping an eye on the oil price frontier, PetroVietnam has been able to make precise predictions and respond to price changes quickly and adaptably, resulting in great efficiency.

In order to attain the maximum level of exploitation outputs, Petrovietnam and its affiliates are focusing on growing reserves.

Additionally, they are concentrating on developing new strategies to increase market share, particularly in the markets for fertilizers, technical services, oil refineries, and gas products.

Petrovietnam is still engaged in long-term scientific research and development initiatives, which serve as a springboard for the group's goods and businesses as the conventional area is impacted by energy transitions.

The group will also focus on building smart factories, creating a big database, and effectively completing a digital transformation project.

Source: VOV World