Petrovietnam makes strong breakthrough in the first quarter

Petrovietnam increased electricity output at a high level, contributing to electricity supply during the peak of hot weather.

To achieve the above results, the unit has made efforts to maintain stable production and business activities, proactively responding to pressure from international policies - especially from the US, along with geopolitical instability and increasingly unpredictable oil price fluctuations.

On April 7, Petrovietnam leaders said that in the past 3 months, all basic production targets were completed and exceeded the assigned plan. Notably, there were 4 targets with strong growth compared to the same period in 2024, including: electricity increased by 18.6%; gasoline increased by 13.8%; NPK increased by 45.5%; polypropylene increased by 21.7%.

This will help Petrovietnam exceed its financial targets for the first quarter of 2025 by 10% to 2.2 times. Total revenue of the group will reach VND 241,237 billion; budget contribution will be VND 34,696 billion, up 10%; investment value will reach VND 7,387 billion, up 39% over the same period in 2024.

Petrovietnam leaders also said that entering April and preparing for the second quarter of 2025 plan, right after the US announced its reciprocal tax policy with Vietnam, the unit quickly analyzed and assessed the impact from the world market, proposed response solutions, and at the same time studied proposals and recommendations on support policies to the authorities to ensure the completion of the set goals and plans.

The Group has proposed solutions to cope with the situation, such as reviewing investment projects; updating production and business plans according to new oil prices; optimizing costs, especially for mines with high exploitation costs; improving the efficiency of oil refineries; reviewing crude oil reserves; recommending the Government to have a long-term LNG import mechanism from the US and recommending to consider crude oil export tax, etc.

“Faced with unexpected challenges and fluctuations in the market, Petrovietnam agreed to find solutions for the parent company’s operations and the subsidiaries’ solutions. The Group has made timely moves in the context of a volatile market.

Positive signals are seen from new legal frameworks and new oil and gas contracts. The offshore energy chain is expected to bring many jobs to workers.

In the coming time, Petrovietnam will focus resources on the Ninh Thuan 2 nuclear power project, which was officially assigned by the Prime Minister as the investor on April 1, 2025. The solution is to expand LNG business, provide adequate gas for fertilizer to increase capacity and output when the market shows favorable signs, along with solutions to increase oil and gas production, as well as maintain international trade", emphasized Petrovietnam General Director Le Ngoc Son.

PVOIL's petroleum depot in Vung Ro, Phu Yen province

According to Mr. Le Ngoc Son, from forecasts of financial and currency fluctuations, Petrovietnam offers solutions to ensure cash flow, arrange capital for projects, production and business activities of the group, optimize costs, promote savings, and combat waste.

Regarding the key tasks for April and the second quarter of 2025, the blocks in Petrovietnam have specific orientations: The E&P block increases the speed of the Dai Hung phase 3 project, the gas and power block speeds up the progress of the Nhon Trach 3 and 4 projects, the petrochemical refining block strengthens commercial activities. In addition, speed up the projects to upgrade and expand the Dung Quat oil refinery, increase the capacity of the Thi Vai LNG warehouse and power projects, etc.

Regarding the long-term mission, recognizing that the market context has more difficulties than when the plan was developed, the group has determined to focus highly on operations. To ensure the growth target in 2025, Petrovietnam will soon allocate production and business plans to each block, ensuring the completion of the Government's assigned targets.

The immediate task is to assess the impact of US policies on Vietnam and oil and gas exploitation activities, thereby providing solutions and timely policy recommendations to support authorities.

In particular, Petrovietnam emphasizes groups of solutions such as expanding the market for goods and services at home with strategic partners; strengthening cooperation with carefully selected domestic enterprises; strengthening cooperation with international strategic partners, early and remote research of foreign markets, especially expanding cooperation in new fields.

“Petrovietnam continues to improve the governance system, amend regulations to suit the business environment, implement regulations to support production and business; focus on capital and asset management; improve productivity, efficiency, savings, and combat waste; focus on removing difficulties for medium and long-term development; continue to implement groups of solutions for science and technology development, innovation, digital transformation, as well as perfect the group's strategy, draft 5-year plan 2025-2030, in sync with adjusting the business model; strictly implement specific instructions for each block and each key project in the system...”, Petrovietnam General Director Le Ngoc Son affirmed.

Source: https://nhandan.vn/petrovietnam-but-pha-manh-me-trong-quy-i-post870713.html