Petrovietnam seeks new motivation

Reaching total revenue of VND650.4 trillion

In response to the market challenges and opportunities, Petrovietnam has made efforts to implement effective management and operational solutions, and continued to record positive business results, alongside with important milestones.

Petrovietnam leaders donate VND20 billion for mitigation of the damage caused by storm No.3

In August 2024, most of Petrovietnam’s key production targets exceeded the monthly plan by 6.3 to 28.2 percent. In the first eight months of 2024, these targets also exceeded the plan by 2.7 - 29.2 percent, an increase of 2.5 - 26.8 percent over the same period in 2023.

On August 28, 2024, PetroVietnam Technical Services Corporation (PTSC) and Sembcorp Utilities Pte. Ltd. (SCU) of Singapore held the awarding ceremony for the wind measurement, hydrology and geological survey package, offshore renewable energy export project from Vietnam to Singapore.

PV GAS successfully transports the first LNG shipment by rail from the south to the north

Recently, Vietnam Gas Corporation (PV GAS) successfully transported the first LNG shipment by rail from the south to the north with a quantity of 16 LNG tanks and started supplies to customers from September 11, 2024.

Regarding production targets, the group’s crude oil cumulative output in the first eight months reached 6.64 million tonnes, exceeding the eight-month plan by 20.2 percent. The group’s gas production output in the first eight months reached 4.41 billion cu.m, exceeding the plan by 29.2 percent; and accumulated electricity production during the period reached 19.23 billion kWh, up 20.1 percent over the same period last year.

Thanks to positive business growth, the group’s total revenue in the first eight months is estimated at VND650.4 trillion, exceeding the eight-month plan by 34 percent, up 13 percent year on year. Its total budget contribution is estimated at VND96.5 trillion, exceeding the eight-month plan by 49 percent, up seven percent over the same period in 2023, while the group’s consolidated pre-tax profit is estimated at over VND35.5 trillion, exceeding the eight-month plan by 84 percent.

The wellhead platform topside block of the BK-23 drilling rig successfully installed

Optimistic about macro economy in face of challenges

Petrovietnam General Director Le Ngoc Son commended and acknowledged the efforts of member units that contributed to the group’s business growth. However, he also stated that the difficulties from the world economic situation and the consequences of storm No.3 (Yagi) in the country are major obstacles and will be a challenge to completing the group’s management plan in 2024. Therefore, Petrovietnam must focus on building a risk management plan, while handling outstanding issues, such as debt, increasing charter capital, distributing dividends, and promoting investment disbursement, developing strategies for development of the oil and gas industry, digital transformation, and the science and technology sector.

Petrovietnam leaders also noted the building production and business targets for 2025, as this is the last year to implement the 2021-2025 five-year plan, and to celebrate the 50th anniversary of the group’s establishment.