- PetroVietnam achieves 2019 targets 2 months before year-end
- PetroVietnam becomes most profitable corporation in Vietnam
- Fitch assigns PetroVietnam first-time 'BB' rating; outlook Positive
At the end of the third quarter, PVN reported it has fulfilled all targets set out for 2019’s September and the first 9 months.
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| PVN achieves VND560.6 trillion of revenues in 2019’s first 9 months |
In particular, the State-owned firm produced 1.1 million tones of nitrogenous fertilizer, 8 percent higher than the nine-month target or 76.6 percent of the year plan. It produced 16.42 billion kWh of electricity, 4.3 per cent higher than the nine-month target or 76 percent of the year plan.
Petrol and oil production of PVN in the first 9 months hit 8.99 million tons, up by 5.6 percent compared to the set plan and equaling 79.2 percent of the year plan.
In September alone, PVN’s total revenue reached VND 61.4 trillion, 9.5 percent higher than the month’s plan. PVN paid VND 8.7 trillion of taxes to the State budget, 16.5 percent higher than its set target.
Its capital adequacy ratio was 1.01 times by 30th September 2019, ensuring capital safety and development. Dividends paid by member units by 24th September 2019 equaled 92% of the year plan.
PVN’s highlights in September 2019:
1. PVN was ranked BB+ by Fitch Ratings - the world's leading rating organization, reflecting that the company improved the efficiency of its corporate governance.
2. PVN continued to hold the leading position in Vietnam's Top 500 most profitable enterprises in 2019 rated by Vietnam Report.
3. The Government assigned the Minister of Industry and Trade to take the main responsibility, the Chairman of the Committee for Management of State Capital at Enterprises to take responsibility in solving difficulties for key projects such as Long Phu 1, Song Hau 1 and Thai Binh 2 to ensure the progress of the projects as scheduled.
PVN’s Vietsovpetro successfully launched the topside of the BK-20 platform in the Bach Ho field. Many important items of this project were designed, procured and manufactured by Vietsovpetro's subsidiaries.
Vietsovpetro won a high prize at the seventh science and technology competition for young professionals in Russia.
PVN claimed the second prize at a national contest on labour hygiene and safety in 2019.
The Ca Mau fertilizer factory completed the overall maintenance in 2019 and resumed operation to serve the local demand for fertilizers in the winter-spring season.
The Binh Son Refining and Petrochemical Joint Stock Company topped the oil and gas service in terms of financial administration in 2018.
Its mechanical services and manufacturing of oil and gas rigs meet the international standards serving both domestic demand and export.
