Thursday, May 30,2024 - 4:12 GMT+7  Việt Nam EngLish 

Petrovietnam rolls out various growth solutions for H2 

 Tuesday, August 29,2023

AsemconnectVietnam - The Vietnam Oil and Gas Group (Petrovietnam) will continue putting in place many measures concertedly to achieve its growth targets in the last six months of this year.

The group and its subsidiaries will set forth management plans based on the country’s economic growth scenarios, while reviewing difficulties and limitations to take policies and mechanisms to address them.

Apart from stepping up investments, they will assess the digital transformation process, build a database, promote energy transition, materialise the sharing economy and circular economy models, and quickly implement the Government’s Decree No. 45/2023/ND-CP guiding the enforcement of the 2022 Petroleum Law and relevant regulations.

The group will strive to operate gas pipelines safely to ensure the supply for power plants, guarantee the readiness and availability of its plants to provide electricity for the economy at the fullest, expand the market and market shares, and diversify its products.

At the same time, it will further build a capital strategy, allocate capital to new sectors, settle debts, manage financial risks, and prepare for a restructuring project once it is approved, especially for businesses and projects in difficult conditions.
Petrovietnam reported that in the first half of this year, the Vietnam Electricity Group (EVN) owed nearly 23 trillion VND (965.57 million USD) to the group, greatly affecting its production and business, as well as cash flow management, among other challenges.

Given this, the Petrovietnam General Director has assigned growth tasks to each of the subsidiaries, directly chaired meetings on the implementation of yearly plans, and regularly supervised the rollout of administration plans at key units.

Thanks to technological solutions, the productivity and capacity of the group’s factories have exceeded 110%.

Its crude oil output reached 5.3 million tonnes in the first six months of this year, exceeding the set target by 14.3%, with 4.4 million tonnes exploited at home, surpassing the plan by 16.9%.

Most of the oil and gas giant’s units have overfulfilled their assigned tasks for the first half, notably its total revenue estimated at 420.1 trillion VND, surpassing the target by 24%, and its budget contribution, excluding the payment by the Nghi Son Refinery and Petrochemical LLC, more than 66 trillion VND, surpassing the target by 63%.

Within the first six months, Petrovietnam completed investment and put into operation its Thai Binh 2 Thermal Power Plant on April 27, 2023, contributing to the national electricity supply amid the power crunch, especially in the northern region.

The group has been named among the top 10 innovative enterprises in Vietnam in 2023 compiled by the Vietnam Investment Review in collaboration with Vietnam Business Research JSC (Viet Research).

In addition, it saved up to 1.15 trillion VND between January and June, equivalent to 51.4% of the yearly plan, and carried out social welfare activities with funding of 80.47 billion VND.

The abovementioned results demonstrated Petrovietnam and its subsidiaries’ enormous efforts in applying technical measures to simultaneously sustain exploitation output and ensure safety.


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