Petrovietnam fulfills 67% of full year revenue plan

State-owned oil and gas group Petrovietnam reported consolidated revenue of VND372.2 trillion ($16.05 billion) in the first five months of 2022, fulfilling 67% of its full year plan.

The Russia-Ukraine conflict has raised freight, input material and operating expenses, as well as risks of supply disruption. "This caused Petrovietnam's foreign clients and partners to suspend operations, which has an impact on the company's activities," Le Manh Hung, General Director of Petrovietnam, told the group’s executive meeting on Saturday.

“Given these hurdles, Petrovietnam maintains a stable, safe, efficient, and rapid growth rate of production and business,” he said.

In particular, crude oil extraction reached 4.55 million tons in the first five months, fulfilling 52% of its entire year plan.

Petroleum production totalled 2.79 million tons, while fertilizer output was 776,400 tons, exceeding 6% and 8% of its plans.

Petrovietnam contributed VND52.8 trillion ($2.28 billion) to the state budget over the period, up 59% year-on-year, completing 82% of its full year target.

Petrovietnam and Vietnam Electricity in early May signed a power purchase agreement for the Song Hau 1 thermal power plant, an important project for Mekong Delta energy security.

The group's 1,200 MW Thai Binh 2, one of the largest coal-fired power projects in northern Vietnam, is expected to see its first turbine operate commercially in November after a decade of delays.