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PVOIL: Results of production and sales in the first nine months of 2018

In the first nine months of 2018, the world economy is enjoying a synchronised recovery; crude oil and petroleum prices have generally been volatile on a rising trend alternating between slightly reduced two sessions, from the early February to mid-March and from the end of May to the end of July. However, the risk of rising inflation will increase, the world oil price fluctuations are more risky, complicated and unpredictable. In addition, in the third quarter of 2018 as well as in the future, PVOIL has faced with the fierce competition of the domestic petroleum market because focal businesses, dealers have more options from NSRP… Overcoming difficulties, under the close guidance, supporting from the Vietnam Oil and Gas Group, together with the efforts of all staffs and employees, PVOIL has exceeded the targets of important plan and has growth over the same period, including: output, profit, density of distribution channels... Specific results are as follows:

- Exporting and selling of crude oil, condensate to ensure safety and efficiency with the output of 8.96 million tons, fulfilling 77% of the year plan, including providing for Dung Quat Oil Refinery 5.52 million tons from domestic sources and 216 thousand tons from imported sources.

- Production of petroleum, lubricants to meet business demand of the whole system with the output of 426 thousand m3, completing 71% of the plan. E5 RON 92 gasoline did not meet the target due to worry and consumer behavior, not to mention many petroleum traders are not interested in trading E5 RON 92 gasoline but rather boosting the consumption of RON 95 gasoline due to raise many fears about not being active in the supply of E5 RON 92 gasoline.

- The total petroleum business of PVOIL reached 2,386 thousand m3, fulfilling 75.8% of the year plan; of which, the domestic sales of affiliates increased over the same period of 2017 as PVOIL divested in some units. Fuel Retailing sales through the petrol stations increased over the same period in 2017, accounting for 24.7%, went up by 1.7 percentage point over the same period in 2017. This is a remarkable result in an increasingly competitive market.

- Consolidated revenue reached 45 trillion VND, fulfilling 105% of the full year target. Profit before tax was estimated at 483 billion VND, fulfilling 97% of the full-year target. The state budget for the whole system is expected to reach 6.852 trillion VND, fulfilling 95% of the year plan.

- About the equitization plan: After the Government Office issued Document No 5030/VPCP-DMDN on May 30th, PVOIL on July 30th successfully organized the first meeting of the shareholders and officially changed to operate as a joint stock company from August 1st; completed the registration of public company with the State Securities Commission; granted shareholder's certificates to Vietnam Oil and Gas Group and employees PVOIL; submitted the deposit contract with Vietnam Securities Depository (VSD) and registered additional transaction with Hanoi Stock Exchange (HNX); reviewed the system of internal documents, regulations to adjust and update them operating as a joint stock company…

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