Indonesia’s recent entry to the BRICS bloc could provide the nation with potential economic advantages, particularly in addressing trade deficit in the oil and gas sector, according to state news agency Antara.
The Petrovietnam Exploration Production Corporation (PVEP), the Petrovietnam Oil Corporation (PVOIL), and the Binh Son Refining and Petrochemical JSC (BSR) have signed a contract to supply crude oil from the Dai Hung field to the Dung Quat refinery.
The Vietnam Oil and Gas Group( Petrovietnam) Exploration Production Corporation (PVEP) on July 14 signed contracts to supply crude oil to the Dung Quat Oil Refinery, and supply and consume gas from Ky Lan field.
Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.
The Vietnam Oil and Gas Group (Petrovietnam) said it recorded growth in multiple production aspects in January compared to the previous month and the same period last year.
Indonesia plans to raise its mandatory palm oil-based biodiesel blending to 40% in the next few years, but for now will keep it unchanged at 35%, its Minister for Energy & Mineral Resources Arifin Tasrif has said.
In face of a global economic downturn, especially adverse fluctuations of oil prices, subsidiaries of the Vietnam Oil and Gas Group (Petrovietnam) have flexibly taken measures to adapt to market volatility and boost production and business activities.
Facing recent shortage of electricity for economic and daily activities, especially in May, the Vietnam Oil and Gas Group (Petrovietnam) has exerted efforts to maximise its provision of fuel for power generation and optimise operation of its power plants to help ease pressure.
The Vietnam Oil and Gas Group (Petrovietnam) earned 334 trillion VND (14.2 billion USD) in total revenue in the first five months of 2023, 20% higher than the target for the period, statistics show.
The Vietnam Oil and Gas Group (Petrovietnam) generated over 10 billion kWh of electricity in the first five months of 2023 which equals 42.5% of the yearly target.
Despite oil price declines, the Vietnam Oil and Gas Group (Petrovietnam) posted 18.2 trillion VND (775.5 million USD) in consolidated pre-tax profit in the first four months of 2023, surging 77% from its target for the period and equivalent to 52% of this year’s plan.
Tax revenue in January was estimated at 165.7 trillion VND (7.06 billion USD), or 12.1% of the ordinance estimate, up 4.4% year-on-year, the General Department of Taxation reported on January 31.
Ho Chi Minh City has collected more than 349.9 trillion VND (14.64 billion USD) in State budget revenue in the first nine months of this year, up 27.7% year-on-year, on the back of soaring revenue from real estate and crude oil, according to data from the municipal statistics office.
Thanks to flexible governance measures, especially the governance of uncertainties, the Vietnam Oil and Gas Group (PetroVietnam) has stayed resilient to oil price fluctuations and the COVID-19 pandemic’ impacts over the last three years.
Dung Quat Refinery will undertake the fifth maintenance that will last for 50 days from June 22, 2023, according to Binh Son Refining and Petrochemical Joint Stock Company (BSR).
In the second half of 2022, the Vietnam Oil and Gas Group (PetroVietnam) will continue to keep a close watch on market developments. The goal is to monitor world crude oil prices and market fluctuations to optimize reserves and operate oil production efficiently to stay in the black.
Nghi Son Refinery and Petrochemical LLC (NSRP) has delivered two petrol shipments to the Nghi Son Refinery Distribution Branch (PVNDB), an affiliated company of the Vietnam Oil and Gas Group (PetroVietnam).
Thanks to a cut of about 4.4% in operational costs, the cost to produce each barrel of crude oil by Bien Dong Petroleum Operating Company (BIENDONG POC) is likely to drop 12 % this year.
