Petrovietnam strives to achieve the highest targets in 2024

At the end of the first 10 months of the year, Vietnam Oil and Gas Group ( Petrovietnam ) has fully completed the financial targets for the whole year of 2024 according to the plan assigned by the State Capital Management Committee at enterprises, reaching the finish line 3-5 months ahead of schedule.

On November 13, Petrovietnam General Director Le Ngoc Son chaired a regular meeting with leaders of member units on the production and business situation in October, the first 10 months of the year and the implementation of key tasks for the last 2 months of the year.

In the context of the market continuing to have many fluctuations in October, Petrovietnam continues to strengthen management and maintain regular supervision of production and business activities. In addition, the Group and its units have seriously implemented safety work at the Group's projects/factories/drilling rigs, ensuring safety and smooth operation; communication and on-call work are maintained 24/24h.

Overview of CEO meeting November 2024

In October, the Group seriously implemented the tasks assigned in Conclusion 76-KL/TW, Resolution 38/NQ-CP and completed the draft to develop the Vietnam Oil and Gas Industry Development Strategy. In order to continue to improve production and business efficiency, optimize the operational efficiency of each unit, the Group's General Director issued Directive 7805/CT-DKVN on the implementation of waste prevention and control of the Vietnam National Oil and Gas Group in the new context, utilizing resources for growth.

The Group's key production targets in October 2024 all exceeded the plan by 3-84.3%, especially all targets had growth compared to September. At the same time, Petrovietnam exceeded all financial targets planned for October 2024 by 16% - 3.7 times.

Online bridges.

In the first 10 months, the entire Group has basically completed and exceeded all the planned targets assigned by the Board of Directors by 0.1-18.3%, including many growth targets compared to the same period in 2023 such as urea production, electricity production, gasoline production, NPK production... The total revenue of the entire Group in the first 10 months reached 820.4 trillion VND, an increase of 10% over the same period in 2023, completing the assigned plan 3 months ahead of schedule. The total State budget payment of the entire Group in the first 10 months reached 129.15 trillion VND, an increase of 7% over the same period in 2023.

Notably, 10/22 member units of the Group have exceeded the consolidated revenue plan, of which 17/22 units have revenue growth compared to the same period in 2023. This result continues to affirm the goal of maintaining growth of Petrovietnam and its member units despite many difficulties and challenges.

Safety work on oil and gas projects is always guaranteed (Illustration photo)

With the achieved results, Petrovietnam was honored in the leading position in the Top 10 Strong Vietnamese Brands 2024; honored for the 6th time as the leading enterprise in the Top 500 Most Profitable Enterprises in Vietnam; in the Top 3 largest enterprises in Vietnam in 2024.

In investment, the Group always identifies this as an important task that not only contributes to maintaining production and business activities but is also related to the development strategy of the enterprise. Therefore, from the beginning of the year, the Group has promoted the implementation of solutions to promote investment. As of October 2024, the total disbursement value of the Group reached VND 27.1 trillion, an increase of 90% over the same period in 2023. This result is higher than the disbursement of public investment capital nationwide in 10 months. The investment value of the Group also reached VND 23.3 trillion, an increase of 2 times over the same period in 2023.

Song Hau 1 Thermal Power Plant completed its 2024 production plan 2 months ahead of schedule.

In addition to production and business activities, the Group has also devoted many resources to social security activities with a total value of more than VND 514 billion in the past 10 months in many forms such as supporting the construction of Great Unity houses for the poor, responding to the program "Eliminating temporary and dilapidated houses", supportingeducation and health programs. In particular, in the reconstruction of Kho Vang village (Lao Cai), Petrovietnam has been actively coordinating with local authorities to complete related procedures to ensure the project's completion by the end of 2024.

LNG Thi Vai Warehouse.

In the remaining months of 2024, Petrovietnam will continue to focus on ensuring the progress of key projects that the Group is implementing. At the same time, it will implement specific solutions to reduce costs, prevent waste, improve the operational efficiency of projects and factories... to ensure the achievement of the goals for the whole year of 2024.

Petrovietnam General Director Le Ngoc Son emphasized that in the remaining time of 2024, the Group and its units must continue to strive to achieve the highest level of the assigned plan, especially the targets of total revenue, profit and payment to the State budget, striving to reach the total revenue milestone of 1 million billion VND. This is both the goal to ensure the Group's sustainable growth and development, and the driving force, demonstrating the determination to make the highest possible contribution to the national budget, thereby contributing to the socio -economic development of the country.

Petrovietnam General Director Le Ngoc Son chaired the meeting.

Appreciating the results achieved by member units in October, Petrovietnam General Director Le Ngoc Son requested that the units continue to promote the achievements, promote innovative initiatives, have specific quality solutions, enhance and optimize production activities, utilize resources to focus on completing the highest plan for the whole year. The General Director also requested to continue reviewing investment work, investment portfolio management, organizing implementation to ensure that investment work at the Group is promoted, overcoming difficulties and obstacles, and preventing waste in projects.

Overview of offshore wind power base construction site.

Petrovietnam General Director Le Ngoc Son also noted that units should focus on reviewing the 2025 plan, thereby closely following the implementation of the 2021-2025 plan, preparing to develop the next phase plan to ensure the Group's growth target. At the same time, be ready to organize the development strategy of each unit and each field in sync with the development strategy of the Group and the Oil and Gas industry.

Phuong Thao - Hien Anh

Source: https://www.pvn.vn/chuyen-muc/tap-doan/tin/71be97e2-d4de-41f2-a148-28d55be0dc8a