What’s On

Petrolimex net profit hits six-year high

By Bui Hong Nhung   March 4, 2016 | 07:38 pm GMT+7

Vietnam’s state-owned oil importer and distributor Petrolimex, recorded a US $140 million net profit in 2015, the highest figure since 2010, according to the company’s consolidated financial report published on March 3. 

The growth was attributed to an eight percent increase in oil product sales and adjustments in the pricing formula of imported crude oil, the report said. 

petrolimex-net-profit-hits-six-year-high

Unit: Billion VND

Petrolimex's 2015 revenue, however, dropped by 21.1 percent to $146.5 trillion.

The falling global crude oil price, an average $48.8 per barrel in 2015 down from $93.01 in 2014, was the reason behind the revenue decrease, Pertrolimex said.

Last year, the company contributed VND32.58 trillion to state budget revenue, down 3.26 percent on the previous year.

JX Nippon Oil and Energy, a Japanese energy corporation, intends to buy a 10 percent stake in Petrolimex for approximately $177 million in 2016, Japan’s Nikkei reported on February 23.