Petrovietnam strives to realise growth aspiration

Petrovietnam remained determined not to lower the targets set at the beginning of this year, putting forth relentless efforts from month to month and quarter to quarter to achieve set growth target, thus making the highest possible contribution to offsetting the challenges faced by the national economy, supporting GDP growth, and joining hands with the Government, ministries and the entire country to fulfill 2023 economic goals and ensure national energy security as a top priority.  

The group has maintained regular monthly meetings between General Director Le Manh Hung and leaders of its member units to keep timely updated on the activities of these units, discuss and provide prompt guidance, propose solutions to achieve the set objectives. The General Director also personally worked with each member unit, even with the management of each specific project, lot and field to offer timely support and foster a sense of unity. Together, the group's units aim to accomplish the 2023 major goals under the motto of managing change, expanding scale, accelerating digital transformation, shifting business model, enhancing productivity, and renewing operations.

Drastic management and resolute decision-making, along with timely handling of challenges, have been instrumental in seizing opportunities and minimising the impact of negative factors. Petrovietnam has reaped positive results, making it a standout performer in the face of a highly challenging economic backdrop.

During the nine-month period, Petrovietnam tapped 7.85 million tonnes of oil, surpassing the 9-month plan by 14.1% and reaching 84.6% of the annual plan. Of this, domestic oil extraction reached 6.51 million tonnes, exceeding the 9-month plan by 16.8% and achieving 86.5% of the yearly plan, while overseas oil exploitation hit 1.34 million tonnes, 2.7% higher than the 9-month plan and equivalent to 76.2% of the annual target.

The gas extraction volume reached 5.76 billion cu.m, exceeding the 9-month plan by 11% and reaching 72.1% of the annual plan. Electricity production and supply, at 17.55 billion kWh, hit 73.1% of the annual plan, up 45.6% annually while ammonia production reached 1.30 million tonnes, surpassing the 9-month plan by 5.2% and reaching 81% of the annual plan, albeit showing a 4.8% decrease compared to the same period last year.

The group's total revenue was estimated at 643.2 trillion VND (26.8 billion USD), or 95% of the annual plan while contributions to the State budget reached 102.4 trillion VND, exceeding the annual plan by 31%, and meeting the full-year plan five months ahead of schedule. The consolidated pre-tax profit stood at 42.5 trillion VND, or 22% higher than the annual plan.

As of September 30, the total consolidated assets of Petrovietnam were estimated at 998 trillion VND while its brand value tripled from 2019 to 1.382 billion USD with a brand strength index of AA-. Petrovietnam was among the top 10 most valuable brands in Vietnam (Brand Finance) and led the list of the most profitable companies in Vietnam for 2023 (PROFIT 500 - Vietnam Report).

These achievements reflected Petrovietnam's strong ambition, affirming its leading role as the nation's top energy conglomerate and its vital role in ensuring national energy security, deserving of the trust and responsibility entrusted by the Party and Government.

Source: Vietnamplus