PVN gas, oil production surpasses target

Vietnam National Gas and Oil Group (PVN) announced on Tuesday that since the beginning of this year the company’s gasoline and oil production has surpassed 4.9 million tons, accounting for 122 percent of their nine-month plan, and 91 percent of this year’s plan.

In the first nine months of this year, revenues brought in by members of PVN hit VND548.3 trillion, accounting for 118.3 percent of nine-month plan, and 84.8 percent of this year’s plan. The group contributed VND128 trillion to national budget, accounting for 119.3 percent of nine-month plan, and 86.2 percent of this year’s plan.

The group also revealed that Dung Quat Oil Refinery Plant brought in profits of VND2.2 trillion.

As for the developing of bio-fuel gasoline that PVN was participating in, Phung Dinh Thuc, Chairman of the Member Council of PVN, said that local consumption and export of bio-fuel gasoline remained stagnant. In particular, bio-fuel gasoline was imported into Vietnam at VND19,000 per liter while cost price of domestically-produced bio-fuel gasoline was around VND17,000-18,000 per liter. However, export price of locally-produced bio-fuel gasoline was much lower than cost price, roughly VND15,000 per liter.

Therefore, in order to resolve difficulties, from December 2014, consumption of bio-fuel gasoline will be piloted at seven provinces and by 2015 bio-fuel gasoline will be used nationwide.

By Ha My – Translated by Thuy Doan

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