Bloomberg News

PetroVietnam’s Pretax Profit Rises 10% in First Half

July 09, 2012

Vietnam Oil & Gas Group, the state- owned oil company known as PetroVietnam, said consolidated pretax profit rose to 30.1 trillion dong ($1.4 billion) in the first six months of the year.

Consolidated revenue also increased 20 percent to 203 trillion dong in the same period, PetroVietnam said in an e- mailed statement today.

The Hanoi-based company said crude output reached 8.13 million metric tons, or 105.2 percent of its first-half target, and 13 percent higher than the same period last year, according to the statement. Condensate output also exceeded target in the first six months, reaching 4.87 billion cubic meter.

Production from its Dung Quat oil refinery reached 2.63 million tons, or 44 percent of its 2012 target. The country’s only refinery resumed full production on July 8 after shutting for planned maintenance since May 15, Nguyen Viet Thang, deputy general director of Binh Son Refinery & Petrochemical Co., operator of the plant, said by phone today.

PetroVietnam expects output this year of crude and condensate to reach 24.9 million tons, of which crude production may be 15.9 million tons, according to the statement.

The oil producer forecasts consolidated revenue at 412 trillion dong and pretax profit at 61.4 trillion dong this year, according to the statement.

To contact Bloomberg News staff for this story: Nguyen Kieu Giang in Hanoi at giang1@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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