PetroVietnam assigned $863 mln profit target

By Phuong Dong   July 14, 2019 | 09:10 pm PT
PetroVietnam assigned $863 mln profit target
Customers purchase gas at a PVOil gas station owned by PetroVietnam. Photo by Reuters.
State-owned oil giant PetroVietnam has a profit target of VND20 trillion ($863 million) this year, up 17 percent from last year.

The Commission for the Management of State Capital at Enterprises (CMSC), which was set up last year to manage the government’s stake in companies, also set a revenue target of VND128 trillion ($5.5 billion) for PetroVietnam (PVN) based on an average crude oil price of $65 per barrel. The Ministry of Industry and Trade last year transferred PVN to the CMSC. 

But it excludes PVN’s Nghi Son Refinery and Petrochemical Llc, the country’s largest refinery in terms of design capacity in the central Thanh Hoa Province.

PVN’s return on equity ratio target is 5.43 percent. Its production targets include 1.76 billion square meters of gas and 3.83 million tons of crude oil and natural gas liquids.

In the first six months of this year revenues were VND247.1 trillion ($10.66 billion), up 14.6 percent year-on-year, and after-tax profit was VND13.1 trillion ($565.2 million).

Vietnam's crude oil export revenues in the first half of the year decreased 1.7 percent year-on-year to $1.03 billion, according to the General Statistics Office. 

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