PetroVietnam reaching full-year targets in main business metrics

On September 12, PetroVietnam CEO Le Manh Hung chaired the group’s periodical online meeting which attracted leaders of all member units to review the production and business activities of the whole group in August and the first eight months, as well as update the targets and management measures for efficient implementation of tasks in September and the rest of 2022.

PetroVietnam chairman Hoang Quoc Vuong delivering remarks at the review meeting

Accordingly, by smartly coping with uncertainties and effectively availing of the value chains, PetroVietnam has secured stable operations across the board in the first eight months of 2022.

Synchronous technical measures have been applied timely and efficiently in exploitation output management.

As such, its crude oil exploitation output showed a 23 per cent jump compared to the eight-month target, and equal to 84 per cent of the full-year plan.

During the period, PetroVietnam supplied 1.22 million tonnes of urea fertiliser to the domestic market, up 10 per cent over the projection, equaling 72 per cent of the full-year plan and showing a 9 per cent jump on-year.

The group produced 4.56 million tonnes of petroleum products during the period, up 8 per cent over the projection, equal to 74 per cent of the full-year plan and up 5 per cent on-year, satisfying domestic demands.

Ca Mau Fertiliser Plant just completed 2022 maintenance activities

Notably, PetroVietnam contributed $3.93 billion to state coffers, showing a 40 per cent jump over the full-year target and up 45 per cent on-year, reaching 2022’s plan six months earlier.

Aside from budget payment, the group has achieved total revenue and consolidated pretax profits after just eight months.

Addressing the review meeting, PetroVietnam chairman Hoang Quoc Vuong stressed the importance for PetroVietnam to continue holding an essential role in ensuring national energy security for the country’s development, making active contributions to building a strong and resilient economy as guided by the prime minister.

Towards this goal, all member units need to review their whole work volume in the rest of 2022 and the remaining years in the five-year development plan 2021-2025, giving priority to tackling urgent issues in an effective manner.

Song Hau I Thermal Power Plant has just inaugurated and entered stable operation

Leveraging the group’s eminent advantages in renewable energy, particularly offshore sources, Vuong urged relevant member units to develop concrete action plans and strategies to take a shortcut and become masters in the field.

In his closing remark, PetroVietnam CEO Hung said that in the rest of 2022 and in 2023, uncertainties and an economic slump might lead to dwindling production and consumption, badly affecting the group’s performance in both production and supply of essential goods to the market.

National debt targets within reach despite precarious year Vietnam will continue to closely control its public debt until the end of the year amid an increase in spending on fighting the health crisis and supporting local enterprises to move smoothly over to the new year.

New impetus required for full recovery

In this context, the CEO asked the parent company PetroVietnam and all member units to further bring forth effective production-business management measures as in the past months, keep tabs on the market trend and forecasts, evaluate the impacts of monetary and fiscal policies, as well as new inflation and exchange rate movements on the group’s investment, production, and business activities, from there penning out a suitable investment and business scenarios in the forthcoming time.

It is also important to identify and best avail of the opportunities to push up services and international trade; work on risk management plans; promote investment portfolio management to mitigate impacts of inflation; ensure synchronous deployment of production, business and investment alliances; and push up long-term scientific research programmes, among others.