PetroVietnam (PVN) has exceeded the plan for the first quarter

On March 8^th in Hanoi, PetroVietnam (PVN) held a meeting of production and business activities in the first quarter of 2018.

The meeting was chaired by Mr.  Mr. Tran Sy Thanh - Member of the Party Central Committee, Vice Chairman of the Central Economic Committee, Party Secretary, Chairman of the Board of Member of Vietnam Oil and Gas Group and Mr. Nguyen Vu Truong Son, PVN CEO, and other group leaders, representative Leaders of its members.

PetroVietnam has faced many difficulties and challenges since the beginning of this year; however the group and its members managed to efficiently implement their production and business plans. Most of PVN’s production and business targets exceeded between 4-15% against the plan for the first quarter.

In the first two months of the year, PVN achieved 4.13 million tons of crude oil, 3.56 billion kWh of electricity, 281,800 tons of nitrogenous fertilizer and 1.13 million tons of petrol products. Meanwhile, PVN’s financial indicators were also higher than those in the same period in 2017. Its total revenue reached a growth rate of 12% compared to its plan and was 16% year-on-year. Its tax payment had a surge of 30% against its plan and was 12% over the same period in 2017.

Since the beginning of the year, PVN’s members have focused on deploying solutions to implement the plan approved in 2018. Operation of production members (VSP, PVEP, Rusvietpetro, BSR, PVPower, PVFCCo, PVCFC) kept good pace and has been sticking to their assigned plan. The members have completed the proposed financial targets (revenue, profit, and budget). Basically have exceeded the production targets. In addition, the investment projects of PVN and its members are strictly controlled.

To complete its production and business targets, PVN continues to maintain strict control on the development of mines and works that will become operational in 2018. At the same time, the group also plans to control and have safe and stable operations of its oil and gas plants.

The group aims to direct and successfully organize shareholder meetings for 2018 in its member companies and continue to divest capital in enterprises during 2017-2020, according to a plan approved by the Prime Minister.

One of PVN’s key tasks in the next few months is to continue solving problems of five weak projects and promote the development of gas-fired power projects and thermal power projects, such as Long Phu 1, Song Hau 1 and Thai Binh 2.

At the meeting, PVN chairman Tran Sy Thanh highly appreciated the production and business results of the group in general and member companies in particular.

Thanh said the member companies and the group’s departments must continue to coordinate with each other and focus on implementing the key tasks. The good results in production and business in the first quarter will be premise to completing all key targets for the entire year, he said.

Hien Anh - Petrotimes.vn