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National oil and gas group urged to ensure energy supply

VGP – Prime Minister Pham Minh Chinh on Saturday ordered the Viet Nam Oil and Gas Group to ensure energy supply, especially oil and petrol, for national development.

Posts Quang Minh

September 11, 2022 6:28 PM GMT+7
National oil and gas group urged to ensure energy supply - Ảnh 1.

Prime Minister Pham Minh Chinh addresses a working session with Viet Nam Oil and Gas Group, Ha Noi, Saturday, September 11, 2022. Photo: VGP

Last year, the group contributed VND112.5 trillion (nearly US$4.8 billion) to the State budget, up 80 percent from the year's target and 36 percent from 2020. The contribution stood at VND90.6 trillion in the first eight months of 2022, up 40 percent from this year's target and 45 percent from last year.

In the first eight months this year, the group's volume of oil exploitation reached 7.31 millon tons, up 23 percent from 2021 while oil and petrol output rose by 8 percent to 4.56 million tons, said General Director Le Manh Hung.

Its revenue increased by 60 percent to VND 627 trillion compared to the same period last year, up 12 percent from this year's target. The group contributed over VND90 trillion, up 40 percent from this year's target and 45 percent from 2021, he added.

Founded in 1975, the group has grown into a fully integrated business model, ranging from exploration - production, refinery – petrochemical, gas industry, gas to power/fertilizer and petroleum technical services./.