On January 8, the Vietnam Oil and Gas Group (PetroVietnam) held a conference to review 2023 and deploy tasks for 2024. The decision to appoint the Party Secretary and Chairman of the Board of Members of the Group was presented; Comrade Pham Minh Chinh, Politburo member and Prime Minister attended and delivered a speech at the conference.
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| Speaking at the Conference, Prime Minister Pham Minh Chinh appreciated PetroVietnam's positive contributions to the country's overall achievements. (Source: PVN) |
Also attending the Conference were comrade Nguyen Hoang Anh, member of the Party Central Committee, Chairman of the State Capital Management Committee at Enterprises; comrade Tran Sy Thanh, member of the Party Central Committee, Deputy Secretary of the Party Committee, Chairman of the Hanoi People's Committee, former Chairman of the Board of Directors of PetroVietnam; comrade Nguyen Long Hai, alternate member of the Party Central Committee, Secretary of the Party Committee of the Central Enterprises Bloc; and representatives of Central Committees, Ministries, branches and partner enterprises.
On the PetroVietnam side, there were comrade Le Manh Hung, member of the Standing Committee of the Party Committee of the Central Enterprises Bloc, Party Secretary, Chairman of the Board of Members, General Director of the Group; comrades members of the Standing Committee of the Party Committee, members of the Board of Members, Deputy General Directors, former leaders of the Group; leaders of the Vietnam Oil and Gas Trade Union, Youth Union, Veterans Association of the Group, Vietnam Oil and Gas Association and the Party Committee's Offices/Committees, the Group's Offices/Committees and member units.
Continue to set new records
Reporting at the Conference, comrade Le Manh Hung said that the work of oil and gas exploration and exploitation continued to successfully and effectively implement technical solutions, thereby completing the plan to increase reserves, making new oil and gas discoveries, minimizing the coefficient of oil and gas output decline of each block/field. The increase in oil and gas reserves completed the whole year's plan 1 month and 10 days ahead of schedule; in 2023, it reached 13.0 million tons, exceeding the annual plan by 8.3%. There were 2 new oil and gas discoveries at Block 16-2 and at Block PM3-CAA. This is an important result because since 2018, the Group has only had 2 new oil and gas discoveries in 1 year.
Oil production completed the full-year plan 1 month and 9 days ahead of schedule, reaching 10.41 million tons in 2023, exceeding the annual plan by 12.1%, demonstrating the Group's great efforts in effectively applying technical solutions to maintain and stabilize oil production in the context of most blocks/fields currently experiencing a decline in natural production. Gas production reached 7.47 billion m3, exceeding 25.7% of the plan assigned by the Committee, equal to 92% of PetroVietnam's exploitation capacity. The pipeline system and gas processing plants were operated safely, providing maximum supply according to the needs of consumers; dry gas production in 2023 reached 7.18 billion m3, exceeding the annual plan by 23.2%.
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| Oil and Gas workers at domestic and foreign locations attended the Conference. (Source: PVN) |
The Group has strictly implemented the Government's directive "Absolutely not to let power shortages occur as well as pay attention to specific solutions to overcome difficulties in power supply". PetroVietnam has mobilized all resources, accelerated investment progress to put into safe operation, operating at high capacity of Thai Binh 2 Power Plant at the right time when the country's electricity demand increases (late April to June 2023). The Group's total electricity output in 2023 will reach 23.07 billion kWh, an increase of 31% compared to 2022.
Implementing the application of optimal management technology solutions, improving the capacity and performance of factories, taking advantage of opportunities, expanding domestic and foreign markets, increasing the domestic petroleum business market share, and fulfilling the tasks assigned by the Government and the Prime Minister: "In all situations, there must be no interruption or shortage of petroleum supply to serve the task of socio-economic development", creating a new record in the operating capacity of petrochemical refineries, fertilizer production, production output, and revenue.
Regarding financial indicators, thanks to good implementation of fluctuation management, improving capacity and operational efficiency of factories, expanding markets, especially international markets, all financial indicators of Petrovietnam completed the yearly plan 2 to 5 months ahead of schedule, continuing to set new records in revenue after 62 years of history of Vietnam's Oil and Gas industry.
Total revenue of the Group reached VND 942.8 trillion, exceeding 39% of the annual plan, VND 11.6 trillion higher than the record set by the Group in 2022 (VND 931.2 trillion), equivalent to 9.2% of the country's GDP. The Group's total contribution to the State budget reached VND 151.8 trillion, exceeding 94% of the annual plan, accounting for about 9.4% of the total State budget revenue in 2023. The Group's consolidated pre-tax profit completed the whole year's plan 4 months ahead of schedule; in 2023, it reached VND 54.5 trillion, exceeding 57.0% of the annual plan. Maximizing efficiency and optimizing costs, practicing savings throughout the Group in 2023 reached VND 3,072 billion, exceeding 37% of the plan.
The above results confirm that PetroVietnam has accumulated enough resources and experience to participate in investment and business in the industrial - renewable energy sector domestically and internationally, especially offshore wind power.
Contribute to the state budget as much as possible
2024 is a pivotal year, of great significance to completing the 5-year plan goals of 2021-2025. Determining that it will face many more difficulties, the world and market situation will be more complicated, more difficult to predict, creating great pressure on the management and operation of the Group, but PetroVietnam has built and set goals with higher determination, higher pressure than the 2023 plan, ensuring the goal of continuous growth and sustainable development. Increase the Group's total oil and gas reserves to 12-18 million tons of oil equivalent, 2-4 million tons of oil equivalent higher than the 2023 plan (8-16 million tons of oil equivalent); Oil exploitation will reach 8.20 -8.98 million tons, striving to reach the same level as the 2023 plan (9.29 million tons); Gas exploitation reaches 5.10-7.50 billion m3, striving to achieve over 7.50 billion m3 if the electricity industry mobilizes maximum gas.
Nitrogen production reached 1.74 million tons, 140 thousand tons higher than the 2023 plan (1.60 million tons). Electricity production reached 27.78 billion kWh, 3.78 billion kWh higher than the 2023 plan (24 billion kWh). Petroleum production (excluding Nghi Son) reached 5.79 million tons, 266 thousand tons higher than the 2023 plan (5.52 million tons). Total revenue of the whole Group reached 734.2 thousand billion VND, 56.5 thousand billion VND higher than the 2023 plan (677.7 thousand billion VND);
The Group's total State budget contribution reached VND 94 trillion, VND 15.6 trillion higher than the 2023 plan (VND 78.3 trillion) in accordance with the Government's direction of "contributing to the State budget as much as possible". The Group's consolidated pre-tax profit reached VND 22.0 trillion.
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| Prime Minister Pham Minh Chinh presents the decision to the Chairman of the Board of Directors of Vietnam Oil and Gas Group. (Source: PVN) |
To successfully implement the tasks and targets of the 2024 plan, PetroVietnam identified the need to implement 6 key groups of solutions, which are groups of solutions on mechanisms and policies; corporate governance and management; finance; investment; market and science and technology, training, safety, environment and sustainable development.
Presenting the Decision to comrade Le Manh Hung and speaking at the Conference, Prime Minister Pham Minh Chinh emphasized the importance of selecting "correct and accurate" cadres on the basis of complying with Party and State regulations, ensuring democracy, publicity and transparency.
The Prime Minister believes that the new Party Secretary and Chairman of the Board of Members, Le Manh Hung, with many years of experience working at the Group, will promote the industry's tradition, lead the Group to develop rapidly and sustainably, contributing to the cause of industrialization and modernization of the country, building and defending the Fatherland.
The Prime Minister requested the leadership and staff of the Vietnam Oil and Gas Group and relevant agencies to continue promoting the spirit of solidarity and close coordination, together with comrade Le Manh Hung, to excellently complete the assigned tasks.
Basically agreeing with the reports and opinions at the Conference, the Prime Minister assessed that in the overall success with quite comprehensive results of the whole country in 2023, there are important and positive contributions of the Vietnam Oil and Gas Group, especially in terms of budget revenue, ensuring security, large balance of energy, petroleum both in the short term and long term, contributing to stabilizing the macro economy, promoting growth, ensuring major balances, firmly protecting independence, sovereignty, unity and territorial integrity, promoting foreign affairs and integration...
The Prime Minister also praised the Group for its efforts and achievements in developing the renewable energy industry (producing offshore wind turbines) and in handling long-term projects. Along with that, the Group has stepped up the fight against corruption, negativity and waste.
New spirit, new determination, new motivation
Analyzing the achievements of PetroVietnam, Prime Minister Pham Minh Chinh said that the important reasons for the results achieved were promoting the spirit of solidarity and unity; closely following and strictly complying with the leadership and management of the Party and State, the management and administration of the Government and the Prime Minister; the efforts of the Group's staff and employees; the coordination and support of all levels, sectors and localities. These are also valuable lessons learned.
However, the Prime Minister made it clear that we must not be complacent or satisfied with the results achieved, nor be subjective or negligent because there is still much work to be done, many outstanding issues, many difficulties and challenges that need to be resolved; we must continue to promote innovation, application of science and technology; and make greater efforts to complete assigned tasks.
Regarding the guiding viewpoints, the Prime Minister emphasized the need to continue to innovate thinking and strategic vision, mobilize the combined strength in performing tasks, with the viewpoint that resources originate from thinking, motivation originates from innovation, strength originates from the people; maintain and promote solidarity, discipline, responsibility; focus on and strengthen investment, research and development (R&D) to take advantage of new opportunities, have new products, especially in the development of renewable energy industry, digital transformation, green transformation and sustainable development; promote decentralization and delegation of power along with the allocation of implementation resources, improve implementation capacity and strengthen inspection, supervision and urging; promote self-reliance, self-strengthening, self-rising from one's own hands and minds, dare to think, dare to do, be proactive, timely, not wait or rely on others.
Basically agreeing with the goals, tasks and solutions that the Group has identified, the Prime Minister suggested more and emphasized the key tasks and solutions.
First of all, it is necessary to thoroughly grasp, strictly and effectively implement the tasks according to the Resolutions and Conclusions of the Party, the National Assembly, the Government and the Prime Minister in implementing the socio-economic development tasks in 2024, specifying them in the Group's plan as well as that of each unit to organize implementation, inspection and supervision.
The Prime Minister emphasized the importance of Party building and staff building with the view that personnel work is the key of the key and decides all issues, and must be carried out in accordance with Party regulations and State laws, transparently, objectively, impartially, ensuring the selection of truly capable and trusted staff.
Continue to consolidate the apparatus, build a team of quality, streamlined staff, promote the spirit of solidarity, dare to think, dare to do. In particular, it is necessary to soon complete the position of General Director of the Group.
Regarding the group of smart management solutions, the Prime Minister requested to closely follow the domestic and international situation to manage fluctuations well, focusing on forecasting, evaluating the potential and growth drivers in business sectors.
Promote decentralization and delegation of authority; perfect the system of internal procedures and regulations, publicize and make information transparent; strengthen supervision, inspection, examination and risk control.
Focus on innovation, apply modern management methods, make the most of the achievements that have been built and accumulated; be timely and sensitive to the current global energy development transformation trend to operate and develop the Group.
The group of solutions on finance and investment needs to maintain a healthy financial structure, balance financial resources to meet the needs of production and business activities and investment and development. Promote investment, research and development activities throughout the Group, proactively and promptly handle difficulties and obstacles and ensure the progress and efficiency of key projects in the energy and oil and gas sectors, especially the Lot B - O Mon gas-electricity project chain, Nhon Trach 3 and 4 Power Plant projects (completed by the end of 2024 and early 2025), upgrading and expanding Dung Quat Oil Refinery, Ca Mau Gas-Electricity-Fertilizer Plant...; coordinate with foreign partners to remove difficulties, improve the operational efficiency of Nghi Son Refinery and Petrochemical Plant, restart Long Phu 1 Thermal Power Project; research new projects to create new products, enhance the oil and gas value chain.
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| Outstanding collectives of PetroVietnam were honored at the Conference. (Source: PVN) |
The Prime Minister also requested the deployment of a group of solutions on science and technology, innovation, digital transformation, green transformation, promoting research activities, technology transfer, and digital applications in the development of the oil and gas industry. Accelerating the digital transformation process to connect application systems on information technology platforms in line with new development trends such as digital economy, circular economy, green transformation, etc.
The group of solutions on national defense - security - foreign affairs needs to proactively and actively coordinate closely with relevant agencies in implementing the Group's production, business and investment activities, especially in oil and gas exploration and exploitation; ensure national defense, security, economic security for oil and gas activities, firmly uphold the principle of maintaining independence, sovereignty and national territorial integrity in the East Sea and islands.
Along with that, the Prime Minister requested to continue implementing solutions to ensure social security, ensure material and spiritual life for workers, at the same time promote the role of responsibility and affection towards the community and society, contributing to building the brand and good image of PetroVietnam.
Regarding the proposals, most of the Group's recommendations have been directed many times by the Government, the Prime Minister and Deputy Prime Ministers and specific documents assigned to ministries and branches for consideration and handling. The Prime Minister requested the Government Office, the Ministry of Industry and Trade, and the State Capital Management Committee at Enterprises to continue to synthesize, classify, and promptly handle them thoroughly according to assigned functions, tasks, and powers. For issues beyond their authority, they should be proposed to competent authorities for consideration and decision.
In particular, for the Block B Gas-Power Project Chain, the Ministry of Industry and Trade urgently completed the revision of Circulars regulating the operation of the electricity market, and the State Capital Management Committee at Enterprises directed the definitive resolution of related issues.
In 2024, the Prime Minister believes that with the tradition of creative labor, solidarity, courage and intelligence of oil and gas workers forged over the past time; those who seek fire, with new leadership, new spirit, new determination, new motivation, the Oil and Gas Group will continue to develop further, successfully achieve the set goals, achieving higher results in 2024 than in 2023.
On this occasion, the Conference commended and honored 41 outstanding collectives in 2023.
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