PV GAS, exemplary unit in implementing Petrovietnam’s management plan

A PV GAS delegation visits the Sao Vang Central Processing Platform

In 2024, political changes and escalating conflicts in various countries have had negative impacts on the global economy, including fluctuations in oil prices. Despite these challenges, Petrovietnam has managed volatility and closely monitored market developments to maintain production and business efficiency. Oil and gas facilities have maintained safe and stable operations, meeting the economy’s highest demand for essential products, such as petroleum, gas, electricity, and fertilizers.

Thanks to these efforts, Petrovietnam is confident of its ability to achieve or even exceed its annual targets. Specifically, crude oil exploitation is expected to reach 9.77 million tonnes, exceeding the annual plan by 19 percent; gas exploitation to reach 6.43 billion cu.m, exceeding the plan by 26 percent; petroleum production to surpass 6.72 million tonnes, exceeding the plan by 16 percent; and fertilizer production to reach 1.82 million tonnes, surpassing the plan by four percent.

To maintain continuous growth, Petrovietnam has strived to achieve higher targets each year. So far, the Group has reached all six annual financial targets for 2024, as assigned by the Commission for the Management of State Capital at Enterprises and Petrovietnam’s Board of Members. The Group has achieved these targets 3-5 months ahead of schedule, which represent a growth rate of 5-31 percent compared to 2023. These achievements are attributed to significant contributions of all member units of Petrovietnam and its corporate culture.

Activities to celebrate the Traditional Day of the Vietnamese oil and gas sector

According to Chairman of the Board of Members Le Manh Hung, corporate culture has contributed to turning pressure into motivation, serving as the foundation for Petrovietnam to develop management plans with progressively higher targets and maintain its growth objectives. The corporate culture with a unique identity specific to the oil and gas sector fosters observance of discipline, order, and teamwork, thereby creating a professional and efficient working environment. This strategy helps restore and strengthen internal trust, creating a strong driver for the Group’s comprehensive innovation.

Member units recognized for surpassing financial targets for the first 11 months of 2024 include Petrovietnam Gas Joint Stock Corporation (PV GAS), Petrovietnam Oil Joint Stock Corporation (PVOIL), Binh Son Refining and Petrochemical Joint Stock Company (BSR), Dung Quat Shipbuilding Industry Company Limited, and Petrovietnam Maintenance and Repair Corporation.

The units recognized for their exemplary implementation of corporate culture during the first 11 months of 2024 include Binh Son Refining and Petrochemical Joint Stock Company (BSR), Petrovietnam Ca Mau Fertilizer Joint Stock Company (PVCFC), Petrovietnam Transportation Corporation (PV Trans), Petrovietnam Power Corporation (PV Power), Petrovietnam Drilling and Well Services Corporation (PV Drilling), and the Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro). In 2024, these units have successfully adhered to the Group’s guidelines for promoting corporate culture, organized cultural development activities, and effectively carried out social welfare initiatives./.