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CEO Meeting in July 2022: Petrovietnam continues to maintain production, contributes more than 66 trillion dong to the State budget

With the high efforts of the whole system, effective management of fluctuations, and making good use of market opportunities, in the first 6 months of 2022, Vietnam National Oil and Gas Group (Petrovietnam) maintained stable production, positive growth of production and business activities, contributed 66.1 trillion dong to the State budget.

On 5th July, Petrovietnam Vice President Le Manh Hung chaired an online meeting for July 2022 with the heads of units throughout the Group on business results in June and the first 6 months of 2022; at the same time updated the objectives and solutions for the implementation of tasks in the last 6 months of the year. 

State President Nguyen Xuan Phuc met with typical officials and employees of Petrovietnam in the creative labor movement

Attending and directing the meeting were Mr. Hoang Quoc Vuong - Secretary of the Party Committee, Chairman of the Board of Directors of the Group; members of the Standing Party Committee, member of the Board of Directors, Vice Presidents, Heads of Divisions/ Administration Office of the Group, and leaders of the Group’s subsidiaries. 

Overview of the CEO meeting in July 2022

In the past 6 months, the world has experienced many big, fast and complicated changes. The war in Ukraine has hampered a fragile global recovery, pushed up commodity, raw material and energy prices, slowed growth and exacerbated inflationary pressures around the world. Geopolitical and economic uncertainties dampen business and investment confidence and further undermine the short-term economic outlook. More and more central banks are forced to tighten monetary policy to combat inflation, however, this is exposing the global economy to the risk of existential recession. The growth rate of the global manufacturing industry slowed as China’s Covid-19 prevention measures - the world’s factory, along with the conflict in Ukraine, disrupted commodity supply chains, causing inflation to rise to the highest level in many years. 

Online bridge points

The world situation has had and will have a significant impact on many aspects of Petrovietnam’s operations such as price increases and disruptions, disruptions in the supply chain of input materials, supplies and equipment; inflationary pressure, especially “import inflation”; issues of trade, investment, financial and currency risks, rising interest rates, unpredictable petrol prices… In addition, in the first 6 months of the year, gas mobilization for domestic power production has remained low compared to the plan; demand, fertilizer prices are falling… 

Leaders of the Ministry of Industry and Trade, Thai Binh province, and Petrovietnam witnessed the synchronous coal-fired connection of Unit 1, Thai Binh Thermal Power Plant 2

In that context, with flexibility, initiative, peremptoriness, unity in direction and administration in all fields of production and business activities; paying special attention to the management of changes, application of information technology, digital transformation; optimally promoting technical solutions as well as maximizing favorable conditions and forecasting to have solutions to cope with the impacts of geopolitics – economy has helped Petrovietnam achieve very remarkable results in the first 6 months of 2022. 

Workers monitored coal conveyor belt at Thai Binh 2 Thermal Power Plant

Petrovietnam has made great efforts to implement many solutions to maintain and increase production in the situation of decreasing natural production in all oil and gas fields due to being exploited for too long while the reserve compensation coefficient is not guaranteed because recently the investment and development of the new field has encountered many problems with the mechanism. Crude oil production in June reached 0.9 million tons, exceeding 23% of the June plan, and reached 5.48 million tons in the first 6 months, exceeding 23% of the 6-month plan and equaling 63% of the 2022 plan; 100% compared to the same period in 2021. Oil production in 6 months is higher than the plan because most of the key fields have high operating time coefficients; the management of production at key blocks/fields of the whole Group has been maximized, effectively and promptly applied technical solutions/measures to increase output. Along with that, gasoline production in 6 months exceeded 14% of the plan, fertilizer production exceeded 8% of the plan, production and supply of gas, electricity, and other energy products were all at a high level, meeting maximum market demand; continue to affirm the Group’s important role in contributing to ensuring national energy security and stabilizing the market. 

Thanks to stable production and business activities, in the first 6 months of the year, Petrovietnam has achieved very positive financial targets, continued its growth momentum, and significantly contributed to the State budget. Total revenue of the Group reached 468.3 trillion dong, 2 times higher than the 6-month plan, equalling 84% of the year plan and increasing by 55% compared to the same period in 2021; the Group’s budget contribution was 66.1 trillion dong, 2.2 times higher than the 6-month plan, completing and exceeding 2% of the 2022 plan and increasing 41% over the same period in 2021. The Group’s business results have been recognized and appreciated by the Government.  

Successful load-out of RC-RB1 jacket on 28th June

Other aspects of work were implemented synchronously, many remarkable results were achieved. Typically, Petrovietnam has drastically focused on removing investment bottlenecks, determined to successfully handle difficult projects, initially achieving certain results. Typically, projects in the power sector have been focused on implementing according to the set progress milestones (Song Hau 1 Thermal Power Plant Project has completed the construction investment phase and went into commercial operation on 13th May 2022; Thai Binh 2 Thermal Power Plant project was synchronized with oil on 12th May 2022, with coal on 16th June 2022). Key projects (Upgrading and expanding Dung Quat Oil Refinery, Block B...) have also seen many positive changes. Digital transformation has been widely deployed, towards the effective application of advanced management forms of the ERP system, focusing on risk management in production and business activities, perfecting the business operation management processes to increase competitiveness. 

On the basis of analyzing and evaluating the results of production and business activities in June and the first 6 months of 2022 of the units, the Executive Management Board and leaders of the Divisions in each field in charge discussed, handled, resolved the difficulties and provided solutions to support member units both in production, business and investment.

Giving direction speech, Mr. Hoang Quoc Vuong - Secretary of the Party Committee, Chairman of the Board of Directors of the Group praised and highly appreciated the efforts of the whole system to achieve very positive results in the first 6 months of the year. Commenting in the last 6 months of the year, besides the difficulties, the opportunities are also great, the Chairman of the Board of Directors emphasized that the Group’s important goal, drastic and consistent direction in 2022 is the effort to maintain production, take advantage of oil price opportunities to increase contributions to the country’s economy, and offset many declining economic sectors. This is a very challenging task in the context of the annual decline in natural production from 5 to 8%. The Chairman of the Board of Directors also noted to ensure absolute safety in production and business; promote investment, increase output; closely follow and ensure milestones of key projects; strengthen links and support each other in the chain of activities from upstream to downstream.


Petrovietnam Chairman of the Board of Director Hoang Quoc Vuong delivered direction speech

Receiving the direction of the Chairman of the Board of Directors, Petrovietnam President and CEO Le Manh Hung emphasized the motivations for Petrovietnam to achieve positive results in the first 6 months of the year. In addition to favorable factors from the market, a very important motivation is promoting effective governance, managing fluctuations, capturing trends, managing capital values, implementing chain links, managing portfolios, especially forecasts and assessments in line with market movements. The Group’s President and CEO proposed to continue to effectively promote growth drivers, closely follow the market and macroeconomics, develop operating scenarios, and make efforts for production and business activities in the remaining months of 2022, especially when the conditions are less favorable. 

Petrovietnam President and CEO Le Manh Hung delivered the closing speech of the Meeting

From the achieved results, the assigned tasks and plans, President and CEO Le Manh Hung noted a number of tasks in the coming time such as Maintaining regular meetings in the areas of activity to promote the resolution of difficulties, problems, as well as implementing the instructions of superiors, effectively solving common problems in each field of activity; Find different solutions to maintain production, make sure not to be lower than in 2021; Expand and develop product consumption markets, especially non-electrical gas consumption markets; Focus on supporting and creating favorable conditions for production, business and investment activities of units in the Group; Review and promote the implementation of chain links; Promote digital transformation into practice, create positive changes in business model, governance model, improve operational efficiency. 

Pioneering creativity - one of the outstanding cultural features of Petrovietnam workers