Petrovietnam profits triple in H1

By Anh Minh   July 10, 2021 | 02:30 am PT
Petrovietnam profits triple in H1
A gas rig off the coast of Vietnam. Photo courtesy of Petrovietnam Gas.
Oil and gas group Petrovietnam (PVN) saw pre-tax profit in the first half this year tripling year-on-year to VND21.3 trillion ($927.75 million) as oil prices rose.

Average crude oil prices in the period doubled to $66.8 per barrel and nearly 50 percent higher than the company’s projection.

Some analysts have forecast crude oil prices would continue to rise in the second half this year, reaching up to $100 a barrel.

Apart from oil prices, recovery of both domestic and global markets have helped increase PVN revenues from fuel and gas.

The company is recovering and will soon return to its pre-pandemic level, CEO Le Manh Hung said.

The company has vaccinated around 10,000 staff to limit disruption in its operation.

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