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PetroVietnam achieves 2012 targets

PetroVietnam’s Deputy General Director Le Minh Hong, speaking at the group’s annual business review, announced that the company accomplished most of its goals for 2012, despite economic challenges during the year. Except for the shortfall in petrol production, both production and revenue exceeded the company’s target levels. Petrol production hit only 94.3% of the goal due to the unstable operation of the Dong Quat Refinery, the director added.
Total revenue for PetroVietnam and its affiliates during the year reached a combined VND727.7 trillion (US$34.8 billion), exceeding its target by 17% and 14.4% higher than last year. Of the total, PetroVietnam earned VND380 trillion (US$18.18 billion), a year-on-year increase of 10%. Revenue came from the company’s three pillars: oil export, industrial production (power, fertilizer and gas) and oil and gas services. Total pre-tax profits reached VND113.1 trillion (US$5.4 billion).
Despite its encouraging record this year, PetroVietnam has set goals for next year that are below this year’s achievement. It aims for a total revenue of only VND653.3 trillion (US$31.26 billion) and a state budget contribution of just VND143.2 trillion (US$6.85 billion). (December 28, 2012)