PVFCCo Grasping Opportunities, Overcoming Challenges
Tuesday, January 24,2017AsemconnectVietnam - 2016 was a tough and challenging year for oil, gas and fertiliser industries. With its detailed preparation and caution, PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo) carried out various management and administration solutions to optimise production and business operations, fulfil operating plans and goals, and further confirm its leadership in the chemical, fertiliser, oil and gas industries.
On oil price slumps, the price of urea fertiliser and other commodities plunged in 2016, placing mounting pressures on production and business operations of PVFCCo as well as its peers. However, powered by cutting edge technology and optimal business and production performance, PVFCCo excellently achieved and exceeded its business plans with its key product branded Phu My Urea Fertiliser. In the year, Phu My Fertilizer Plant operated at its maximum operating capacity to turn out 820,000 tonnes of fertilisers. Regarding business operations, in spite of price drops and unpredictable weather, PVFCCo implemented many measures to boost sales to achieve its target of selling 830,000 tonnes of Phu My urea fertilisers and 353,000 tonnes of Phu My NPK and Phu My potassium in 2016.
The construction of an NPK fertiliser production plant with an annual output capacity of 250,000 tonnes is currently being aggressively carried out and is scheduled for commercial production in late 2017.
Mr. Le Cu Tan, Secretary of the Party Committee and Chairman of the Board of Directors of PVFCCo, said, these very encouraging results in the context of the unfavourable market in 2016 reaffirmed PVFCCo’s solid leadership in the fertiliser market, which also catalysed its chemical production and business.
PVFCCo Chemical - Expanding product line-ups to optimise output
Like the fertiliser industry, specialised chemical and petrochemical markets also suffered intense pressures from bearish trends and shrinking demands in 2016. In this context, PVFCCo carefully considered cost and production solutions to ensure effective performance of chemical line-ups, while striving to complete new projects to expand product ranges to meet market demands.
Ammonia (NH3) output increased although prices dived steeply in 2016. PVFCCo boosted production to meet rising domestic demand. In the year, the corporation manufactured 32,700 tonnes of NH3 and the output was expected to go up after the third workshop is completed in late 2017.
PVFCCo sold over 8,000 tonnes of UFC85 products, lower than expected due to unstable operations of two urea fertilisers in the northern region. The UFC85 products were commercially rolled out from the second quarter of 2016. PVFCCo also supplied 2,000 tonnes of petrochemicals to local businesses.
Slowing revenue and profit growths in 2016 and possible in 2017 provided an opportunity for PVFCCo to review and improve the entire system to adapt to difficult situations and prepare for breakthrough and development in coming years. Right from the start in 2017, PVFCCo adopted multiple solutions to fulfil key tasks in 2017: Maintaining stable production, successfully maintaining plants in 2017, keeping the progress and operating the expanded NH3 workshop and Phu My NPK plant; achieving effective business results and preparing markets for new products.
Needless to say, PVFCCo’s positive achievements in a challenging year as 2016 proved its capacity, vitality and credibility on the market. PVFCCo deserves to lead the chemical and fertiliser industry in Vietnam.
N.Nga
Source: vccinews.vn
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