Identifying 2024 as a key year, accelerating and making a breakthrough to successfully achieve the 5-year goals (2021-2025), the Group and its member units have proactively deployed many synchronous solutions to respond to market fluctuations. Proactively overcoming difficulties In the first months of the year, Binh Son Refining and Petrochemical Joint Stock Company (BSR) faced many difficulties due to market fluctuations, especially costs tending to increase, raw materials for domestic production decreasing, etc. Thanks to the application of management solutions, the company overcame difficulties and exceeded the set targets. In the past six months, the unit produced 2.85 million tons of products (consumed 2.75 million tons), reaching 119%; total revenue of VND 55.3 trillion, reaching 139%; paid to the budget more than VND 5,700 billion, reaching 131% of the plan, profit exceeding the set plan. BSR has completed the 5th general maintenance of Dung Quat Oil Refinery; successfully tested the increase in capacity of CDU workshop to 118%, RFCC to 110%, KTU to 140% of design capacity; tested the processing of new crude oil Bunga Orkid at 20% vol and successfully produced 500 tons of new product, thermoformed PP plastic pellets TF4035,... Assessing the business performance, BSR General Director Bui Ngoc Duong said that, in addition to the achievements, in the coming time, the unit will continue to face many difficulties such as risks in geo-economics, politics, high interest rates, slowing growth of the global economy and OPEC+'s plan to loosen oil production. In addition, negotiations on the purchase and sale of Vietnamese crude oil still have many potential risks. "To complete the production target of 3.33 million tons of products (3.29 million tons of consumption), total revenue of VND55.27 trillion and budget contribution of VND6,164 billion in the last six months of the year, the unit will proactively deploy eight groups of solutions on corporate governance; expand scale, improve capacity, productivity and efficiency; expand markets, international business, etc. to increase production efficiency, maintain the set growth target" - Mr. Bui Ngoc Duong emphasized. In the first six months of the year, PetroVietnam Gas Corporation (PVGAS) imported four LNG (liquefied natural gas) shipments worth nearly VND3,000 billion to supply the electricity industry during the peak of the dry season, contributing to offset the rapidly decreasing domestic gas output; at the same time, LPG (liquefied petroleum gas) business output was completed at a high level, up 38% over the same period, contributing to offset the decline in revenue due to low gas consumption. PVGAS's revenue reached 111%, up 12% over the same period; pre-tax profit reached 129% of the plan. PVGAS General Director Pham Van Phong commented that the decline in domestic gas resources is happening faster than forecast, along with difficulties in mechanisms and policies in investment, production and business, which are the major difficulties the unit is facing, directly affecting production and business activities as well as implementing the unit's strategic development orientations. Therefore, in the short term, PVGAS will focus on business, market development, and at the same time promote the implementation of green transformation and development goals in the medium and long term. In particular, LNG will be the foundation and key product of PVGAS in the future. "To do this, infrastructure investment must be one step ahead to be able to dominate the market in the context of rapidly declining domestic gas sources and the need to use LNG to compensate and replace is inevitable" - Mr. Pham Van Phong affirmed. Developing value chains With revenue of nearly 64 trillion VND, reaching 154%; pre-tax profit reaching 390 billion VND, equal to 106% of the six-month plan; sales output through retail channels recorded high growth, up 18% over the same period. In the past six months, Vietnam Oil Corporation (PVOIL) has developed 60 more gas stations, bringing the total number in the entire system to 807 gas stations, showing the stable and sustainable development direction of the enterprise. In addition, this enterprise also strengthens cooperation with domestic and foreign partners to invest and develop non-petroleum services at gas stations to increase revenue, profit and adapt to the energy transition trend, thereby contributing to the overall growth target of the oil and gas industry. PVN's statistics show that the increase in reserves in the first six months of the year reached 4.38 million tons of oil equivalent. The Group has two 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 in the period of 2019-2023, only in 2023, the Group had two oil and gas discoveries in one year. This proves that PVN has well implemented the motto of action for 2024, which is "Adding new driving forces, renewing old driving forces" for development. In financial activities, PVN continued to perform well in governance, therefore, all financial targets were completed exceeding the plan by 20-77% and had high growth compared to the same period. Total revenue of the whole group in the first six months reached 482.3 trillion VND, up 15%; budget contribution was 71.1 trillion VND, up 9% compared to the same period... According to Chairman of the Board of Members of PVN Le Manh Hung, in addition to the successes, the Group continues to improve the internal governance system, promote decentralization and delegation of authority so that units in the fields can be proactive in implementing work; at the same time, research and promulgate incentive mechanisms for units to operate effectively. At the same time, PVN focuses on promoting the formation and implementation of value chains within the group, thereby creating conditions for monitoring and urging units to actively coordinate in implementing assigned tasks, completing management plans as well as focusing on evaluating the results of implementing solutions to create new driving forces, promoting investment in the coming time; researching, evaluating and implementing new business models in line with the development strategy of the Group as well as units. Source: https://nhandan.vn/tap-doan-dau-khi-viet-nam-giu-vung-muc-tieu-tang-truong-post823731.htmlVietnam Oil and Gas Group maintains growth target
Báo Nhân dân•12/08/2024Thanks to the synchronous implementation of management and operation solutions, Vietnam Oil and Gas Group (PVN) and its member units overcame difficulties and exceeded targets with many impressive numbers. Identifying 2024 as a key year, accelerating and making a breakthrough to successfully achieve the 5-year goals (2021-2025), the Group and its member units have proactively deployed many synchronous solutions to respond to market fluctuations. Proactively overcoming difficulties In the first months of the year, Binh Son Refining and Petrochemical Joint Stock Company (BSR) faced many difficulties due to market fluctuations, especially costs tending to increase, raw materials for domestic production decreasing, etc. Thanks to the application of management solutions, the company overcame difficulties and exceeded the set targets. In the past six months, the unit produced 2.85 million tons of products (consumed 2.75 million tons), reaching 119%; total revenue of VND 55.3 trillion, reaching 139%; paid to the budget more than VND 5,700 billion, reaching 131% of the plan, profit exceeding the set plan. BSR has completed the 5th general maintenance of Dung Quat Oil Refinery; successfully tested the increase in capacity of CDU workshop to 118%, RFCC to 110%, KTU to 140% of design capacity; tested the processing of new crude oil Bunga Orkid at 20% vol and successfully produced 500 tons of new product, thermoformed PP plastic pellets TF4035,... Assessing the business performance, BSR General Director Bui Ngoc Duong said that, in addition to the achievements, in the coming time, the unit will continue to face many difficulties such as risks in geo-economics, politics, high interest rates, slowing growth of the global economy and OPEC+'s plan to loosen oil production. In addition, negotiations on the purchase and sale of Vietnamese crude oil still have many potential risks. "To complete the production target of 3.33 million tons of products (3.29 million tons of consumption), total revenue of VND55.27 trillion and budget contribution of VND6,164 billion in the last six months of the year, the unit will proactively deploy eight groups of solutions on corporate governance; expand scale, improve capacity, productivity and efficiency; expand markets, international business, etc. to increase production efficiency, maintain the set growth target" - Mr. Bui Ngoc Duong emphasized. In the first six months of the year, PetroVietnam Gas Corporation (PVGAS) imported four LNG (liquefied natural gas) shipments worth nearly VND3,000 billion to supply the electricity industry during the peak of the dry season, contributing to offset the rapidly decreasing domestic gas output; at the same time, LPG (liquefied petroleum gas) business output was completed at a high level, up 38% over the same period, contributing to offset the decline in revenue due to low gas consumption. PVGAS's revenue reached 111%, up 12% over the same period; pre-tax profit reached 129% of the plan. PVGAS General Director Pham Van Phong commented that the decline in domestic gas resources is happening faster than forecast, along with difficulties in mechanisms and policies in investment, production and business, which are the major difficulties the unit is facing, directly affecting production and business activities as well as implementing the unit's strategic development orientations. Therefore, in the short term, PVGAS will focus on business, market development, and at the same time promote the implementation of green transformation and development goals in the medium and long term. In particular, LNG will be the foundation and key product of PVGAS in the future. "To do this, infrastructure investment must be one step ahead to be able to dominate the market in the context of rapidly declining domestic gas sources and the need to use LNG to compensate and replace is inevitable" - Mr. Pham Van Phong affirmed. Developing value chains With revenue of nearly 64 trillion VND, reaching 154%; pre-tax profit reaching 390 billion VND, equal to 106% of the six-month plan; sales output through retail channels recorded high growth, up 18% over the same period. In the past six months, Vietnam Oil Corporation (PVOIL) has developed 60 more gas stations, bringing the total number in the entire system to 807 gas stations, showing the stable and sustainable development direction of the enterprise. In addition, this enterprise also strengthens cooperation with domestic and foreign partners to invest and develop non-petroleum services at gas stations to increase revenue, profit and adapt to the energy transition trend, thereby contributing to the overall growth target of the oil and gas industry. PVN's statistics show that the increase in reserves in the first six months of the year reached 4.38 million tons of oil equivalent. The Group has two 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 in the period of 2019-2023, only in 2023, the Group had two oil and gas discoveries in one year. This proves that PVN has well implemented the motto of action for 2024, which is "Adding new driving forces, renewing old driving forces" for development. In financial activities, PVN continued to perform well in governance, therefore, all financial targets were completed exceeding the plan by 20-77% and had high growth compared to the same period. Total revenue of the whole group in the first six months reached 482.3 trillion VND, up 15%; budget contribution was 71.1 trillion VND, up 9% compared to the same period... According to Chairman of the Board of Members of PVN Le Manh Hung, in addition to the successes, the Group continues to improve the internal governance system, promote decentralization and delegation of authority so that units in the fields can be proactive in implementing work; at the same time, research and promulgate incentive mechanisms for units to operate effectively. At the same time, PVN focuses on promoting the formation and implementation of value chains within the group, thereby creating conditions for monitoring and urging units to actively coordinate in implementing assigned tasks, completing management plans as well as focusing on evaluating the results of implementing solutions to create new driving forces, promoting investment in the coming time; researching, evaluating and implementing new business models in line with the development strategy of the Group as well as units. Source: https://nhandan.vn/tap-doan-dau-khi-viet-nam-giu-vung-muc-tieu-tang-truong-post823731.html
Identifying 2024 as a key year, accelerating and making a breakthrough to successfully achieve the 5-year goals (2021-2025), the Group and its member units have proactively deployed many synchronous solutions to respond to market fluctuations. Proactively overcoming difficulties In the first months of the year, Binh Son Refining and Petrochemical Joint Stock Company (BSR) faced many difficulties due to market fluctuations, especially costs tending to increase, raw materials for domestic production decreasing, etc. Thanks to the application of management solutions, the company overcame difficulties and exceeded the set targets. In the past six months, the unit produced 2.85 million tons of products (consumed 2.75 million tons), reaching 119%; total revenue of VND 55.3 trillion, reaching 139%; paid to the budget more than VND 5,700 billion, reaching 131% of the plan, profit exceeding the set plan. BSR has completed the 5th general maintenance of Dung Quat Oil Refinery; successfully tested the increase in capacity of CDU workshop to 118%, RFCC to 110%, KTU to 140% of design capacity; tested the processing of new crude oil Bunga Orkid at 20% vol and successfully produced 500 tons of new product, thermoformed PP plastic pellets TF4035,... Assessing the business performance, BSR General Director Bui Ngoc Duong said that, in addition to the achievements, in the coming time, the unit will continue to face many difficulties such as risks in geo-economics, politics, high interest rates, slowing growth of the global economy and OPEC+'s plan to loosen oil production. In addition, negotiations on the purchase and sale of Vietnamese crude oil still have many potential risks. "To complete the production target of 3.33 million tons of products (3.29 million tons of consumption), total revenue of VND55.27 trillion and budget contribution of VND6,164 billion in the last six months of the year, the unit will proactively deploy eight groups of solutions on corporate governance; expand scale, improve capacity, productivity and efficiency; expand markets, international business, etc. to increase production efficiency, maintain the set growth target" - Mr. Bui Ngoc Duong emphasized. In the first six months of the year, PetroVietnam Gas Corporation (PVGAS) imported four LNG (liquefied natural gas) shipments worth nearly VND3,000 billion to supply the electricity industry during the peak of the dry season, contributing to offset the rapidly decreasing domestic gas output; at the same time, LPG (liquefied petroleum gas) business output was completed at a high level, up 38% over the same period, contributing to offset the decline in revenue due to low gas consumption. PVGAS's revenue reached 111%, up 12% over the same period; pre-tax profit reached 129% of the plan. PVGAS General Director Pham Van Phong commented that the decline in domestic gas resources is happening faster than forecast, along with difficulties in mechanisms and policies in investment, production and business, which are the major difficulties the unit is facing, directly affecting production and business activities as well as implementing the unit's strategic development orientations. Therefore, in the short term, PVGAS will focus on business, market development, and at the same time promote the implementation of green transformation and development goals in the medium and long term. In particular, LNG will be the foundation and key product of PVGAS in the future. "To do this, infrastructure investment must be one step ahead to be able to dominate the market in the context of rapidly declining domestic gas sources and the need to use LNG to compensate and replace is inevitable" - Mr. Pham Van Phong affirmed. Developing value chains With revenue of nearly 64 trillion VND, reaching 154%; pre-tax profit reaching 390 billion VND, equal to 106% of the six-month plan; sales output through retail channels recorded high growth, up 18% over the same period. In the past six months, Vietnam Oil Corporation (PVOIL) has developed 60 more gas stations, bringing the total number in the entire system to 807 gas stations, showing the stable and sustainable development direction of the enterprise. In addition, this enterprise also strengthens cooperation with domestic and foreign partners to invest and develop non-petroleum services at gas stations to increase revenue, profit and adapt to the energy transition trend, thereby contributing to the overall growth target of the oil and gas industry. PVN's statistics show that the increase in reserves in the first six months of the year reached 4.38 million tons of oil equivalent. The Group has two 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 in the period of 2019-2023, only in 2023, the Group had two oil and gas discoveries in one year. This proves that PVN has well implemented the motto of action for 2024, which is "Adding new driving forces, renewing old driving forces" for development. In financial activities, PVN continued to perform well in governance, therefore, all financial targets were completed exceeding the plan by 20-77% and had high growth compared to the same period. Total revenue of the whole group in the first six months reached 482.3 trillion VND, up 15%; budget contribution was 71.1 trillion VND, up 9% compared to the same period... According to Chairman of the Board of Members of PVN Le Manh Hung, in addition to the successes, the Group continues to improve the internal governance system, promote decentralization and delegation of authority so that units in the fields can be proactive in implementing work; at the same time, research and promulgate incentive mechanisms for units to operate effectively. At the same time, PVN focuses on promoting the formation and implementation of value chains within the group, thereby creating conditions for monitoring and urging units to actively coordinate in implementing assigned tasks, completing management plans as well as focusing on evaluating the results of implementing solutions to create new driving forces, promoting investment in the coming time; researching, evaluating and implementing new business models in line with the development strategy of the Group as well as units. Source: https://nhandan.vn/tap-doan-dau-khi-viet-nam-giu-vung-muc-tieu-tang-truong-post823731.html
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