Petrovietnam maintains growth momentum

Total revenue of Petrovietnam in the past 6 months is estimated at 482,300 billion VND, up 15% over the same period in 2023. The total budget contribution of the Group is estimated at 71,100 billion VND, up 9% and the disbursement value is 15,550 billion VND, up 81.3%.

Maintain impressive results

The Vietnam Oil and Gas Group (Petrovietnam) has identified 2024 as a key year, requiring acceleration and breakthrough to successfully implement the goals, tasks and targets of the 5-year plan 2021-2025; along with that are unpredictable fluctuations affecting the production and business activities of the entire Group.

Therefore, right in the first days and months of 2024, Petrovietnam has determined to urgently deploy key tasks along with specific solutions to best fulfill the set plan goals as well as growth targets.

Thanks to the focused leadership and direction of the synchronous, scientific and flexible implementation of key solutions, the production and business results of the entire Group in the first 6 months of the year basically fulfilled the targets and tasks set out in the plan, maintained stability in all areas of operation, minimized the level of impact compared to the decline caused by macro factors such as finance, market... and achieved positive results.

Offshore wind power base construction

Specifically, the increase in reserves in the first 6 months of 2024 reached 4.38 million tons of oil equivalent. The Group has 02 new oil and gas discoveries (at Block 09-1, Rong field and Block PM3-CAA, Bunga Aster field). This is a very encouraging result because during the period of 2019 - 2023, only in 2023, the Group had 02 oil and gas discoveries in one year.

Regarding production, except for the electricity production target (reaching 95.9%) due to objective factors, all remaining key production targets exceeded the 6-month plan by 2.7 - 33.1%, an increase of 1.4 - 21.8% over the same period in 2023.

In financial activities, Petrovietnam continued to perform well in governance, therefore, most financial indicators exceeded the plan, maintaining a higher growth rate month after month despite the prices of Petrovietnam's key products, especially the petrochemical profit margin, decreasing by 24.9% compared to the same period in 2023, greatly affecting the performance of the petrochemical refining sector.

Specifically, all financial targets exceeded the 6-month plan by 20-77% and grew strongly compared to the same period in 2023. Total revenue of the Group in the first 6 months of 2024 is estimated at 482,300 billion VND, an increase of 15% over the same period in 2023. The Group's budget contribution is estimated at 71,100 billion VND, an increase of 9% over the same period in 2023.

Investment work is prioritized by Petrovietnam to be promoted in 2024. With support from the Government, the Prime Minister and Ministries/sectors, the "bottlenecks and bottlenecks" in investment in the Group's key projects have been gradually reviewed and resolved.

The value of investment disbursement in the first 6 months of the year is estimated at 15.55 trillion VND, an increase of 81.3% compared to the implementation in 2023.

Security and safety are emphasized

Regarding business innovation and restructuring, Petrovietnam identifies this as a key task that needs to be organized methodically, urgently and decisively, ensuring that it is consistent with the Group's operational practices and development trends in the new period.

Digital transformation, ERP implementation and network security throughout the Group are focused on active and effective implementation. The parent company - the Group has officially put into operation the ERP system phase 1; currently continuing to deploy the construction of the Database system: E&P sector - Phase 1, Electricity and Renewable Energy Industry sector; Gas Industry, Petrochemical Refinery, Oil and Gas Services sector; ERP construction phase 3...

Thai Binh 2 Thermal Power Plant has been conditionally accepted and has generated 7 billion kWh of electricity.

The work of ensuring network security in the entire system of the Group has been focused on, contributing significantly to ensuring information security and network security. The Group continues to research and deploy technological solutions for applying Smart Factories at a number of units such as BSR, PVCFC, Vietsovpetro, PV Power, Thai Binh 2, Song Hau 1;...

Security, oil and gas safety, environmental safety, labor safety, and fire and explosion prevention work on oil and gas projects are closely monitored and seriously implemented.

Social security work continues to be actively implemented as committed. In the first 6 months of the year, the Group and its capital-funded units have implemented social security programs with a total budget of VND 456.4 billion.

The Group's anti-waste and thrift work continues to be promoted, with an estimated implementation in the first 6 months of 2024 of the entire Group reaching 1,200 billion VND, equal to 53% of the 2024 reduction plan.

According to Mr. Le Manh Hung, Chairman of the Board of Directors of Petrovietnam, in the coming time, the Group will continue to be consistent with the guiding and operating viewpoint of being determined to maintain the set management goals; continue to overcome difficulties and limitations, with solutions to realize the set planning goals, creating a premise to implement the 5-year development plan goals and the Group's restructuring project.

Currently, 10/12 targets according to the Group's 5-year plan have been completed, especially 2 very important targets: profit and budget payment.

The Group's leaders requested the entire Group to continue to improve the internal management system, promote decentralization and delegation of authority so that units in various fields can be proactive in implementing work; at the same time, research and promulgate mechanisms to encourage units to operate effectively.

A particularly important task is to focus on building a development strategy for the Vietnam Oil and Gas industry and the Group in sync with the strategies of each sector; continue to accelerate the completion of proposed policy institutions, remove institutional bottlenecks, legal regulations on: LNG, domestic gas, tax rates, complete regulations according to the implementation guidelines of the Law on Petroleum... to create motivation for work implementation.

Source: https://baodautu.vn/petrovietnam-giu-vung-da-tang-truong-d220228.html