NA to address policy obstacles facing oil & gas sector

National Assembly Chairwoman Nguyen Thi Kim Ngan (R) shakes hands with executives of PetroVietnam at the working session on January 17 (Photo: VNA)

The top legislator recognised the firm’s achievements last year, including surpassing the crude oil exploitation target and restructuring its apparatus. It contributed more than 120 trillion VND (over 5 billion USD) to the State budget despite numerous difficulties.

She said PetroVietnam’s activities have helped ensure energy security for national socio-economic development, industrialisation and modernisation.

The Party and State highly value the group’s important role in national development and defence, she noted, adding that the NA pays special attention to issuing the revised Petroleum Law and perfecting the legal system relating to oil and gas activities.

Ngan asked the group to build on what it has attained and take into account the domestic and international situation while performing its tasks.

The Chairwoman pledged to seriously consider policy obstacles facing PetroVietnam, asking the NA’s specialised committees to handle the problems under their jurisdiction so as to help the firm’s projects be carried out on schedule.

Chairman of PetroVietnam’s Members Council Tran Sy Thanh affirmed that the whole staff of the group will keep solidarity and make more efforts to fulfil their tasks.

At a recent meeting reviewing its performance last year, PetroVietnam reported that it exploited 23.98 million tonnes of oil equivalent, including 13.97 million tonnes of crude oil, respectively up 5 percent and 5.6 percent from the set targets. Meanwhile, 10.01 billion cubic metres of gas was exploited.

It produced 1.63 million tonnes of nitrogen fertiliser, rising by 5.7 percent from last year’s target.

PetroVietnam also surpassed financial targets as it earned 626.8 trillion VND in revenue, up 18.1 percent and 25.9 percent from the set target and the previous year, respectively. It contributed about 121.3 trillion VND to the State budget, up 64.3 percent and 24.3 percent.