PetroVietnam outperforms business targets in first quarter

PetroVietnam's first-quarter online meeting connected different locations

On April 7, 2021 PetroVietnam hosted a periodical online meeting with leaders of its member units to review production and business activities in March and the first quarter, as well as discuss operation plans in April and in the upcoming quarters.

The meeting was presided over by PetroVietnam CEO Le Manh Hung, with the presence of chairman of the Members' Council Hoang Quoc Vuong, other executives of the group and leaders of related member units.

The leaders heard that in the first quarter of this year, PetroVietnam outperformed all consolidated financial targets, with the group contributing more than VND19 trillion($826 million) to the state coffers, reaching 118 per cent of the quarter’s set projection and up 3 per cent on-year.

17 out of its 22 units have been operating profitably, and 12 of these 17 units posted fair growth compared to the same period in 2020. To post such positive results, the units have taken drastic cost-saving measures, helping to curtail as much as VND2.835 trillion ($123.26 million) in operating costs.

In the whole first quarter, PetroVietnam has closely followed its set plans and targets in production and business activities. Other facets such as ensuring oil and gas security, participating in the building of related policies and mechanisms and the revision of the new Law on Petroleum, or cultivating business culture at the workplace have reached the set plans. All member units belonging to PetroVietnam have managed stable production and business with absolute safety.

PetroVietnam chairman Hoang Quoc Vuong delivering remarks at the online meeting

Delivering remarks at the online meeting, PetroVitnam chairman Hoang Quoc Vuong praised the Board of Management and member units for their effective performance.

“As multiple hardships still exist in the forthcoming months, businesses must keep close tabs on the actual situation to deliver appropriate management decisions to optimise production and business efficiency. Efforts must gear towards continued restructuring to save costs, raise operational efficiency, take advantages in core areas, and strive to maintain and increase exploitation capacity to ensure future sustainable development,” said Vuong.

PetroVietnam labourers are working at oil and gas projects across the country

PetroVietnam CEO Hung commented on the achievements posted in the first quarter, detailing the challenges that might affect PetroVietnam’s operations in the next months, and urged businesses to continue optimising governance efficiency and keeping close eyes on opportunities and risks in the domestic and international market.

“PetroVietnam and member units need to further scale up market share, fostering investment portfolio management and investment alliance, particularly strengthening internal cooperation for further sustainable development,” Hung noted.

The global political and economic situation in the first quarter made recovery unclear in 2021 with uncertainties from geopolitical issues, trade tensions, and other unforeseen events. These factors are expected to negatively affect the world’s crude oil market in the upcoming period.