Saturday, June 15,2024 - 1:53 GMT+7  Việt Nam EngLish 

PVOIL (OIL)'s goal to become the number one enterprise in terms of quality of petroleum and non-petroleum business services 

 Thursday, April 11,2024

AsemconnectVietnam - On March 29, 2024, Mr. Le Manh Hung, Chairman of the Board of Members of Vietnam Oil and Gas Group had a working session with Vietnam Oil Corporation (PVOIL - OIL stock code: UPCoM). In the period 2026-2030, PVOIL sets the goal of continuing to accelerate development, increasing petroleum business output by an average of 7.5%/year.

On behalf of PVOIL's leaders, Mr. Cao Hoai Duong, Chairman of the Board of Directors of PVOIL and Mr. Doan Van Nhuom, General Director presented reports on the implementation of the 2024 management plan and 3-month production and business results. the beginning of 2024 of the Corporation; solutions to ensure exceeding the 2024 management plan according to Decision No. 529/QD-DKVN of the Group; Evaluate performance results for the period 2021-2023 compared to PVOIL's 5-year plan for the period 2021-2025 approved by the Group's Board of Directors; goals, development orientation to 2030, vision to 2045 of the Corporation.
Accordingly, in the first quarter of 2024, PVOIL's production and business targets all exceeded the plan and grew over the same period. Petroleum business is estimated at over 1.3 million m3/ton, up 22% over the same period; consolidated revenue is estimated at VND27.7 trillion, up 33% over the same period. PVOIL continues to promote the development of petrol stations. In the first quarter, 27 new petrol stations were developed, bringing the total number of petrol stations to 783.
Other aspects of work were implemented synchronously, with many positive changes over the same period. Regarding the implementation of the plan for the 2021-2025 period, up to now, PVOIL is developing in accordance with the strategic direction approved by the Group in all main areas: Crude oil entrustment and international oil trading, oil product trading, service trade.
It is estimated that by 2025, PVOIL will complete and fulfill most of the main assigned targets and tasks, of which many targets are expected to be completed at high levels such as petroleum business output, revenue, and profit, developing petrol stations,...
PVOIL's development strategy is built on three main pillars: digital transformation, energy transition and diversification of non-petroleum services. PVOIL has been continuing to promote digital transformation applications such as digital signatures, modernization of gas stations, and especially the deployment of sales applications such as PVOIL Easy, PVOIL B2B, PVOIL 4U,... to help Enhance customer experience and convenience while improving management and production and business efficiency.
PVOIL also regularly monitors and updates information on energy transition, especially electric vehicle development trends, to take appropriate steps and be ready to adapt. In particular, PVOIL continues to cooperate with Vinfast to install electric vehicle charging stations at gas stations, positively contributing to PVOIL's business performance. Diversifying non-petroleum services at petrol stations is identified as an important business area of PVOIL, supporting the petroleum business in the energy transition trend.
Regarding medium and long-term strategy, in the period 2026-2030, PVOIL sets the goal of continuing to accelerate development, increase petroleum business output by an average of 7.5%/year, and maintain stable market share. coupled with business efficiency; strive for retail proportion to reach at least 35% by 2030; continue to invest in expanding the system of petrol stations, bringing the total number of stores to 1,245 petrol stations by the end of 2030; Research and prepare to invest in facilities to be ready for hydrogen distribution.
With a vision to 2045, PVOIL aims to become a diversified distributor of energy (gasoline, electricity, hydrogen,...) and services related to energy supply stations.
Speaking at the meeting, Mr. Le Ngoc Son, General Director of the Group acknowledged the results PVOIL has achieved in recent times; expressed support for the contents and solutions to implement the 5-year plan for the period 2021-2025 and the development strategy until 2030.
Mr. Son assessed that PVOIL is doing a good job in renewing old motivations and adding new ones in production and business activities with specific and effective solutions in business restructuring, digital transformation, energy transition, development of non-petroleum services, improving management efficiency, production and business efficiency.
Chairman of the Board of Directors of the Group Le Manh Hung acknowledged and appreciated the efforts of the leadership, officers and employees of Vietnam Oil Corporation with the results achieved in production and business activities. In particular, PVOIL has clearly promoted the leadership, management and administration roles of the Party Committee, Board of Directors and General Director to carry out specific tasks.
Regarding production and business results in the first quarter of 2024 and the results of implementing the 5-year plan for the period 2021-2025, the Chairman of the Group's Board of Directors acknowledged that PVOIL has completed and exceeded many important planning targets. , maintain business growth goals; Implement well the digital transformation strategy, energy transition and increase non-petroleum services. PVOIL needs to aim to become the number one enterprise in terms of quality of petroleum and non-petroleum business services; Carry out the mission of creating driving force in the entire Petrovietnam system chain.
In addition, Mr. Le Manh Hung suggested that PVOIL needs to focus on overcoming shortcomings in restructuring and equitization settlement; rate of return on capital; promptly evaluate, update and adjust goals and strategies to suit the actual market situation; Consolidate the internal control system, strengthen supervision and risk management; shaping a customer-oriented business model, improving customer experience; Effectively coordinate and deploy the chain link model between units in the Oil and Gas Group, associated with the development strategies of PVOIL's main partners.
The Chairman of the Group's Board of Directors requested PVOIL to constantly care for and improve the lives of workers; continue to build and implement corporate culture; Through business activities, it acts as an ambassador, directly bringing PetroVietnam cultural values to a large number of customers and society.
On behalf of the leadership and staff of Vietnam Oil Corporation, Chairman of the Board of Directors of PVOIL Cao Hoai Duong respectfully thanked the leaders of Vietnam Oil and Gas Group for taking the time to work and give instructions, strategic and specific orientation for PVOIL's production and business activities in the coming time; At the same time, PVOIL commits to strive to become the number one enterprise in terms of quality of petroleum and non-petroleum business services in Vietnam.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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