Petrovietnam continues to maintain a good growth rate

Source: Petrotimes

On the afternoon of May 7, Dr. Le Manh Hung, CEO of Vietnam Oil and Gas Group (Petrovietnam), chaired a regular production and business executive online briefing in May 2022 with the heads of the Group’s subsidiaries on business results in April and the first 4 months of 2022; at the same time, update the objectives and solutions to execute the tasks in the following months.

Attending the meeting were the Vice CEOs, heads of specialized departments/group offices, and leaders of member units.

Prime Minister Pham Minh Chinh inspected and encouraged officials and workers on the construction site of Long Phu 1 Thermal Power Plant project

In April, the world economic situation changed towards a bad and complicated direction. Economic growth decelerated in many countries.

The world situation has and will have a significant impact on many aspects of Petrovietnam’s activities, such as increasing input prices, disrupting the supply of materials and equipment while trading, investment, financial, monetary issues and the oil market are forecasted to be unstable in the coming time. In addition, in April, gas mobilization for domestic power production remained low compared to the plan; demand for gas, fertilizer, etc., in the market decreased…

Petrovietnam Board of Directors – Chairman Hoang Quoc Vuong checked the progress of synchronous grid connection of Thai Binh 2 Thermal Power Plant on May 7, 2022

Following the results from the production and business activities in the first quarter of 2022, with the decisiveness, dynamism, proactiveness in management and administration, and high efforts in the whole system, in April and the first 4 months of 2022, Petrovietnam continued to maintain a good pace of production and business, completing, and exceeding the plan for most of the assigned targets and main tasks with high growth over the same period. Production and business activities are ensured smoothly, maintaining the pace at factories and construction site.

Petrovietnam recorded positive financial indicators and continued its growth momentum. In the first 4 months of 2022, the Group’s total revenue has been estimated at 292.6 trillion VND, exceeding 62% of the 4-month plan, reaching 52% of the whole year plan in 2022 and increasing by 62% compared to the same period in 2021. The Group’s budget contribution was estimated at VND 41.8 trillion, exceeding 73% of the 4-month plan, reaching 65% of the whole year plan in 2022 and increasing by 55% compared to the same period in 2021. From positive results in business production, the profit target achieved in the first 4 months of 2022 has been very positive.

Other tasks continue to be implemented synchronously and effectively. The coordination of finalizing the Draft Petroleum Law (amended) is given special priority.

Petrovietnam General Director Le Manh Hung inspected the operation of the turbines of Unit 1 at the control house of Thai Binh 2 Thermal Power Plant Center

In addition to business activities, the Group continues to affirm its role and position as a large energy group in the country through working sessions with large corporations (AES, Copenhagen Infrastructure Partners (CIP), Perenco, Wood, Enterprise Energy, Schlumberger) to promote cooperation in the worldwide energy transition trend today.

The results achieved in April and the first 4 months of 2022 have continued to create confidence and foundation for Petrovietnam to implement the goals in the following months as well as in the implementation of the development strategy.

BSR workers took care of equipment in the Factory

On the basis of analyzing and evaluating the results of production and business activities in April and the first 4 months of 2022 of the subsidiaries, the Board of Directors and leaders of the Unit Members in each field have discussed, handled and resolved the issues, difficulties and provided solutions to support subsidiaries in production, business and investment.

In April 2022, the Petrovietnam delegation visited and gave gifts to officials, soldiers and people of Truong Sa island district and DK1 rig with a total value of nearly 1 billion VND.

After analyzing the international and domestic situations, directing specific tasks for each subsidiary and field in the coming months, and concluding the meeting, Petrovietnam CEO Dr. Le Manh Hung emphasized, although PVN has achieved positive results in the first 4 months of the year, from now until the end of the year, there are still many difficulties, especially the instability of the world economic situation, domestic and foreign markets, other geopolitical problems, etc. The CEO of the Group suggested that the subsidiaries should not be subjective with the achieved results, continue to make the best efforts for the task in the following months, make full use of resources, and promote investment for long-term sustainable development goals.

On April 5, 2022, Te Giac Trang field officially reached the production milestone of 100 million barrels of oil, a very important milestone.

In addition, Dr. Le Manh Hung also directed a number of key tasks in the coming time, such as: Focus on updating, assessing and forecasting the macro-economic situation and the market to update and adjust adjustments in the Group’s management plan, paying special attention to supply and demand issues (demand shows signs of decreasing, weakening), price instability and inflation wave; Resolutely keep the goal of growth, production output target, oil extraction, maximum processed products to take advantage of market opportunities; Take advantage of the system of expanding market share of gas products; Concretize the tasks concluded in the recent meetings and major conferences of the Group such as direct and indirect portfolio management; Focus on directing and promoting key projects, completing research reports on investment opportunities for strategic projects of the Group, and at the same time creating conditions and supporting member units to participate in these projects; Continue to promote and realize the chain of links; synchronously deploying digital transformation; Promote long-term scientific research programs in each field, especially considering CO2 as a resource to focus on research, utilization and synchronization with energy transition.

Petrovietnam CEO – Dr. Le Manh Hung chaired the meeting on May 7, 2022