Petrovietnam breaks through, effectively transforms into National Energy Industry Group

This is the task assigned by Prime Minister Pham Minh Chinh to the Vietnam Oil and Gas Group (Petrovietnam) when attending the Conference to review production and business activities in 2024 and deploy the 2025 plan of this unit.

This is the task assigned by Prime Minister Pham Minh Chinh to the Vietnam Oil and Gas Group (Petrovietnam) when attending the Conference to review production and business activities in 2024 and deploy the 2025 plan of this unit.

Revenue milestone of 1 million billion VND

According to Petrovietnam General Director Le Ngoc Son, in addition to advantages, in 2024 the Group will also face fluctuations and unpredictable impacts on the Group's entire production and business activities.

Strictly implementing the directions of the Government, the Prime Minister, the Central Committees, ministries and branches, the entire Group has promptly and proactively proposed many flexible and creative solutions to adapt to market fluctuations, with the motto of action "Managing fluctuations, Adding new driving forces, Renewing old driving forces, Creating new energy sources, Reaching new heights".

In 2024, Petrovietnam has fully completed key targets exceeding the annual plan by 6 - 24%, reaching the finish line 22 days to 2 months and 21 days ahead of schedule.

Petrovietnam has promptly, synchronously and effectively operated and deployed management and operational solutions from exploitation to transportation and processing; from inventory to production and business organization...

The work of promoting the improvement of institutions and legal corridors has created a premise for Petrovietnam to develop stably and sustainably; especially with Conclusion No. 76-KL/TW on the Development Strategy of Vietnam's Oil and Gas Industry.

Thanks to that, Petrovietnam has completed all key targets exceeding the annual plan by 6 - 24%, reaching the finish line from 22 days to 2 months and 21 days ahead of schedule.

In particular, the domestic crude oil exploitation target has completed the 2024 plan 2 months and 3 days ahead of schedule. Compared to 2023, there are 04 key production targets that have increased, including: urea production increased by 4.6%; electricity production increased by 25.8%; gasoline production (including NSRP) increased by 6.7% and NPK production increased by 19.5%.

All financial targets of the Group have exceeded the annual plan by 34% to 3.4 times, reaching the target 3 to 7 months ahead of schedule and growing strongly compared to 2023. The end of 2024 marks three consecutive years that Petrovietnam has broken the record for total revenue of the Group when it surpassed the 1 million billion VND mark, a growth of 36% compared to the pre-Covid-19 period (2019) and equivalent to about 9% of the country's total GDP.

State budget contribution reached 165,000 billion VND, equivalent to nearly 9% of the country's total budget revenue, up 52% compared to the pre-Covid-19 period in the context of the impact of tax reduction policy on petroleum products of Petrovietnam.

For the first time, it achieved a comprehensive record of very high growth in financial indicators compared to the pre-Covid-19 period, including: consolidated revenue increased by 51%; parent company - Group revenue increased by 27%.

"In 2025, the Group has agreed on the motto "Petrovietnam - National Energy Industry Group: Innovation from the core - Developing outstanding models - Integrating into global chains - Enhancing energy knowledge - Breakthrough in growth - Creating a sustainable green shift", General Director Le Ngoc Son emphasized.

At the same time, the Group has maximized efficiency and optimized costs, saving about VND 3,480 billion in 2024, exceeding the 2024 reduction plan by 54% and increasing by 13.4% compared to 2023. In addition, the value of investment implementation of the whole Group in 2024 increased by 12% compared to the same period in 2023; The value of investment disbursement in 2024 increased by 49% compared to 2023.

Petrovietnam General Director Le Ngoc Son also frankly said that the Group still has to face a number of limitations, difficulties and challenges in 2025. However, the whole Group is persistent in its growth target, through 6 groups of solutions on: Policy mechanism; corporate governance and management; finance; investment; science and technology, safety, environment and sustainable development; corporate culture and social responsibility.

Prime Minister Pham Minh Chinh, Deputy Prime Minister Bui Thanh Son and delegates perform the ceremony to convert the Vietnam National Oil and Gas Group into the National Energy Industry Group (Petrovietnam) - Photo: VGP/Nhat Bac.

Reporting to the Prime Minister about Petrovietnam's green transformation aspirations, Petrovietnam Deputy General Director Le Manh Cuong said that in the energy transition trend, Petrovietnam will form centers combining traditional and new energy (Hub).

To do this, Petrovietnam expects the support of the Prime Minister, ministries, branches and localities for the Group to successfully implement the Hubs; put electricity export projects to Malaysia and Singapore into the State's working program with these countries; at the same time, create conditions for Petrovietnam and potential partners to implement projects that promote the pioneering role of state-owned enterprises.

To realize the goal of becoming a National Energy Industry Group and green transformation, units within Petrovietnam have also analyzed and evaluated the existing advantages and challenges to face.

Specifically, PVEP is ready to prepare resources for the 2025 plan and the 2026 - 2030 period, focusing more on developing the chain of unit linkages within the Group; Vietsovpetro, Phu Quoc POC focus on ensuring project progress, safe production, cost savings, good risk management, and implementing new contracts; PV GAS focuses on market development and LNG import; PVFCCo develops environmentally friendly products; PV Power and PVPGB focus on investment, ensuring good operation of power plants; BSR, PV Drilling, PVOIL promote chain linkages...

Breakthrough as a National Energy Industry Group

Speaking at the Conference, Prime Minister Pham Minh Chinh said that after 4 consecutive years of attending the Petrovietnam Summary Conference, he has seen proud signs of efforts and determination. "If 2021 must stabilize the Group's situation after the fluctuations; 2022 is the year of recovery to overcome the consequences of the Covid-19 pandemic; 2023 is the year of effective recovery and acceleration; 2024, with Conclusion 76 of the Politburo, is the year of transformation, the "red flame" turns into a "green flame", so 2025 must be the year of breakthrough", the Prime Minister emphasized.

On behalf of the Party and State leaders, Prime Minister Pham Minh Chinh congratulated Petrovietnam on the impressive achievements in 2024.

This year, the country's state budget revenue reached over 1.7 million billion VND, exceeding the revenue by 300,000 billion VND, of which Petrovietnam contributed about 10%, contributing to ensuring "5 An": Energy security, food security, economic security, social security, and security of sea and island sovereignty. On behalf of the Party and State leaders, the Prime Minister congratulated Petrovietnam on the impressive achievements in 2024.

From the results achieved in 2024, the Prime Minister highlighted three valuable experiences of Petrovietnam. First, it has complied with the leadership and direction of all levels, been bold, dared to think, dared to do, dared to take responsibility, dared to innovate to achieve the highest possible results. Second, it has grasped the situation, had timely and effective policy responses, closely followed reality, and respected objective reality. Third, solidarity and unity, all looking in the same direction, being open to listening, respecting the opinions of others to improve themselves and surpass themselves.

With the requirement of "New Era - the era of national development", the goal of the whole country in the coming years is to achieve "double-digit" growth, raise the scale of the economy, and improve the material and spiritual life of the people.

In that flow, Petrovietnam, as the National Energy Industry Group, cannot stand aside and must therefore do well and effectively. The Government places its trust and hope in Petrovietnam with the spirit of breakthrough, pioneering in achieving “double-digit” growth, contributing to the country’s achievement of the growth target for 2025.

To achieve these goals, the Prime Minister requested that Petrovietnam seriously and effectively implement Conclusion 76-KL/TW of the Politburo, effectively transforming into the National Energy Industry Group. Petrovietnam must strive to become a leading energy group with a brand name in the region and the world, deeply participating in the global value chain with the spirit of "saying what you do, doing what you say", taking the lead in promoting innovation, science and technology, digital transformation... The Group needs to restructure in line with the National Energy Industry Group and perfect its institutions and mechanisms.

With "oil and gas culture", the tradition of solidarity, bravery and intelligence of oil and gas workers forged over the past time, with the close leadership and direction of the Party and Government, together with the efforts of all cadres, party members and workers, the Group will excellently complete the assigned tasks in 2025, make further breakthroughs, break through faster, achieve many new achievements and records, each year higher than the previous year, continue to contribute to the cause of building and defending the Fatherland, building a rich, civilized and prosperous country, improving the material and spiritual life of the people.

On behalf of 60,000 Petrovietnam employees, Chairman of the Board of Directors Le Manh Hung expressed his deep gratitude to the Prime Minister and accepted the Prime Minister's instructions to synchronously and fully implement the tasks and production and business plans for 2025 and the following years; realizing the goal of a powerful National Energy Industry Group, worthy of the trust and expectations of the Prime Minister, along with the leaders of the Party, State and people with Petrovietnam.

Source: https://baodautu.vn/petrovietnam-but-pha-chuyen-doi-hieu-qua-thanh-tap-doan-cong-nghiep-nang-luong-quoc-gia-d236596.html