PetroVietnam to Fall Short of 2015 Plan on Oil Crash

Minh Tam

09:22 17/10/2015

BizLIVE - State-run energy firm PetroVietnam will fail to meet its financial targets set for this year due to a fall in oil prices, putting more pressure on the Ministry of Finance to balance the state budget.

PetroVietnam to Fall Short of 2015 Plan on Oil Crash

An oil drilling platform.

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. 


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Từ khóa: PetroVietnam