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Saturday , March 25 2023

Vietnam Refinery makes $34m profit for 1st time in April, May – Kuwait’s share at $12 million

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KUWAIT CITY, July 5: The Vietnam Refinery Company has achieved for the first time a net profit for the months of April and May 2022 of about $34 million, of which Kuwait’s share is $12 million, reports Al- Rai daily quoting sources.

Although the profitability figure is not a kind of a jump compared to the size of the project, it indicates an important financial transformation, especially since the recorded estimates for this period indicated that the Vietnam Refinery will continue to achieve losses, and that it will approach $43 million.

The sources added that what increases the importance of reading the recent financial performance figures for the Vietnam Refinery is that in addition to the shift to profitability, the company succeeded in paying the current installments and for the month of November 2021 and last May, with a total value of $529 million, explaining that the premiums were covered by directing part of the profits to pay and finance the remaining partners according to their shares, knowing that the next installment is in November.

The sources pointed out that the Vietnam Refinery has started to work well and operates with a daily production capacity of about 105 percent, indicating that the operation of the refinery consumes 200,000 barrels of Kuwaiti oil, the value of which was paid during April and May — $600 to $650 million per month.

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