In the first 8 months of 2024, Petrovietnam achieved many positive results.

Successful installation of BK-23 platform topside. Photo: Petrovietnam

Achieved 650.4 trillion VND in total revenue in the first 8 months of the year

In August 2024, the world economy continued to grow slowly, facing challenges of interest rates, inflation and warnings of unstable factors.

Faced with market challenges and opportunities, Petrovietnam has strived to deploy effective management and operational solutions to take advantage of opportunities, minimize adverse impacts, and continue to record positive production and business results, along with many important events and milestones.

In August 2024, most of Petrovietnam's key production targets exceeded the monthly plan by 6.3 - 28.2%.

In the first 8 months of 2024, most of Petrovietnam's production targets exceeded the plan by 2.7 - 29.2%, an increase of 2.5 - 26.8% over the same period in 2023.

Regarding production targets, the group's crude oil output in August reached 833 thousand tons, exceeding the monthly plan by 28.2%. The cumulative output in the first 8 months reached 6.64 million tons, exceeding the 8-month plan by 20.2%.

The group's gas production output in August and the first 8 months of the year reached 450 million m3, exceeding the monthly plan by 19.7% and 4.41 billion m3, exceeding the 8-month plan by 29.2%. The group's electricity production in August reached 2.01 billion kWh, up 11.4% compared to July; accumulated in 8 months, reached 19.23 billion kWh, up 20.1% over the same period.

PTSC and SCU were awarded the contract for wind measurement, hydrology and geological research survey package, the offshore renewable energy export project from Vietnam to Singapore. Photo: PVN

Thanks to positive business growth, the total revenue of the whole group in the first 8 months is estimated at 650.4 trillion VND, exceeding the 8-month plan by 34%, up 13% over the same period in 2023; The total budget contribution of the whole group is estimated at 96.5 trillion VND, exceeding the 8-month plan by 49%, up 7% over the same period in 2023. The group's consolidated pre-tax profit is estimated at over 35.5 trillion VND, exceeding the 8-month plan by 84%.

In addition to production and business results, Petrovietnam also actively contributes to social security work with the value of social security implementation in the past 8 months being 469 billion VND.

Petrovietnam also promotes the spirit of oil and gas culture, actively supporting and assisting people affected by storm No. 3 and the storm's aftermath. The amount of contributions mobilized to date has reached approximately 40 billion VND.

Striving for new motivation

In the first 8 months of the year, Petrovietnam's operating sectors/fields continued to make many efforts to add new driving forces, aiming to achieve the highest governance target in 2024.

PetroVietnam Exploration and Production Corporation (PVEP) forecasts that exploration and reserve increase will exceed the set plan. Mine development and new projects are actively implemented.

In the Gas - Power - Fertilizer sector, a representative of PV GAS informed that the output of gas coming ashore decreased due to low mobilization of electricity. However, the gas business outside of electricity grew quite well, PV GAS has also just added LNG products to the Northern market. International business also achieved positive growth.

Petrovietnam and its member units also actively contributed to perfecting the policy mechanism for operations such as: giving comments on the draft Electricity Law (amended) with a mechanism for LNG electricity to minimize investment risks for businesses; issues related to value added tax on fertilizer products to create fair competition with foreign businesses.

Finding Macroeconomic Optimism Amid Challenges

Assessing the group's business performance in August and the first eight months of the year, Petrovietnam General Director Le Ngoc Son acknowledged the positive aspects of the domestic macro economy, with the prospect of GDP growth for the whole year ranging from 6 to 6.5%. The Government has introduced many breakthrough mechanisms and policies to remove difficulties and obstacles for businesses.

However, General Director Le Ngoc Son also stated that the difficulties from the world economic situation and the consequences of storm No. 3 in the country are major obstacles. Those difficulties will be a challenge to the completion of the group's 2024 management plan.

Petrovietnam leaders donated 20 billion VND to overcome the damage caused by storm No. 3. Photo: PVN

Therefore, Petrovietnam must focus on building a risk management plan, while at the same time having appropriate allocations for the implementation of plans of member enterprises and each specific field.

General Director Le Ngoc Son directs cash flow risk management, handles outstanding issues such as debt, increases charter capital, and dividends; reviews and promotes investment disbursement, and more clearly assesses subjective causes to find solutions.

In addition, focus on building industry development strategies, corporate development, digital transformation strategies, science and technology...

Source: https://laodong.vn/kinh-doanh/8-thang-nam-2024-petrovietnam-dat-nhieu-ket-qua-tich-cuc-1394459.ldo