State-run Vietnam Oil and Gas Group (PetroVietnam) has estimated its revenues to reach 555 trillion Vietnamese dong ($24.7 billion) this year, or 77.3% of the whole-year plan, because selling prices of crude oil will likely average $50 per barrel in 2015, half of the projection initially set.
The group’s contribution to state coffers is projected at 115 trillion dong, or 72.3% of the year’s plan, PetroVietnam said on Friday.
In the January-September period, PetroVietnam’s consolidated revenues were 428.3 trillion dong, meeting 86% of the nine-month plan and 60% of the year’s estimation, as crude oil prices hovered around $47-$50 a barrel.
Consequently, the group, which was the fourth-largest taxpayer in 2014, contributed 89.1 trillion dong to the state budget in the nine-month period, or 56% of the year’s plan.
The group produced 21.86 million tons of oil and oil equivalent in the nine months through September, exceeding the nine-month projection by 11% and rising 9.8% year-on-year. Of the sum, crude oil production increased 9.8% from a year earlier to 13.96 million tons, 10.9% above the period’s target.
PetroVietnam electricity output grew 35.7% year-on-year to 16.19 billion kWh in the period, beating the plan by 19.5%.
The Ministry of Finance earlier this month said the country posted a fiscal deficit of 140.97 trillion dong between January and September. Revenues from crude oil dropped 34.8% year-on-year to 51.78 trillion dong, fulfilling 55.7% of the year’s target.
Dwindling budget collections have forced the ministry to take out a 30-trillion-dong loan from the State Bank of Vietnam and sell $1 billion worth of bonds to state-controlled Vietcombank.