Petrovietnam earns $29 bln revenue in 9 months

State-run Petrovietnam estimates revenues of VND698,300 billion ($28.91 billion) in the first nine months of the year, exceeding 25% of the annual plan and up 56% year-on-year.

The group's budget contribution for the period is up 51% year-on-year at VND102,900 billion ($4.26 billion), exceeding 59% of the year's plan.

Petrovietnam's crude oil exploitation reached 8.15 million tons in the nine months, surpassing the nine-month target by 23% and equalling 93% of the year's plan. Petroleum production, excluding Nghi Son Refinery and Petrochemical LLC., in the period hit 5.16 million tons, up 8% year-on-year.

In August, Petrovietnam proposed that the government considers investment in a $19 billion oil refinery and a national crude oil and petroleum reserve facility in the south.

The group said the complex, developed in the Long Son Petroleum Industrial Park of Ba Ria-Vung Tau province, was needed to ensure the country’s oil and gas security.

It said the complex would use domestic supplies of crude oil, gas and condensate; and import more crude from the U.S. and the Middle East, depending on demand.

Petrovietnam expects to complete all dossiers needed for the complex by January next year for the government to look at, followed by a feasibility study in the second half of 2023. It expects government approval by the first quarter of 2024. Selection of EPC contractors and construction of the complex would last until the end of 2027.

The corporation estimates phases one and two of the project would cost $12.5 - 13.5 billion and $4.5 - 4.8 billion, respectively.