Petrovietnam posts $1.7 bln profit in Jan-Sep, beating 2023 target

State-owned national oil and gas group Petrovietnam made a total pre-tax profit of VND42.5 trillion ($1.74 billion) on revenue of VND643.2 trillion ($26.32 billion) in the first nine months of 2023.

In its monthly report, Petrovietnam said the profit exceeded the annual target for 2023 by 22% while the revenue met 95% of the whole-year target. The firm contributed VND102.4 trillion ($4.19 billion) to the state budget in the period, or 31% beyond the goal for 2023.

During the nine-month period, Petrovietnam exploited 7.85 million tons of crude oil, meeting 84.6% of the full-year target. The figure included 6.51 million tons from domestic sources and 1.34 million tons overseas, or 86.5% and 76.2% of the targets for the year, respectively.

Gas exploitation reached 5.76 billion cubic meters, meeting 72.1% of the target.

Petrovietnam’s power production reached 17.55 billion kWh, up 45.6% year-on-year and meeting 73.1% of the annual target.

The giant churned out 1.3 million tons of fertilizers in the period, down 4.8% year-on-year and reaching 81% of the yearly goal.

At the Techconnect and Innovation Vietnam 2023, an event in September focusing on technology and innovation in the country, Petrovietnam's vice president Le Ngoc Son highlighted the firm’s target of raising renewable energy to 15-20% of its primary energy output in 2030, towards 25-30% in 2045. He affirmed renewable energy is an inevitable trend amid depleting fossil fuels and lowering oil prices due to environmental impacts.

It also strives to reduce greenhouse gas emissions by 15% until 2030 and 20% by 2045.

Petrovietnam is diversifying its energy portfolio with investments in clean energy, such as wind power, hydrogen, ammonia, and others.