PVN has rebooted its system

Over the past years, Vietnam National Oil and Gas Group (PVN) has contributed significantly to socio-economic development of the country; ensuring energy security and national sovereignty.

Difficulties and challenges

Since the end of 2014, crude oil prices have been fallen deeply, giving an adverse effect to the security, politics and economy of the world, causing the general difficulties of the oil and gas industry in the world and in Vietnam.

Financial resources of PVN are also facing difficulties due to the investment in several projects that require large capital, while the profit in 2016 and 2017 is much lower than in previous years. A number of projects have been implemented but have not been effective, even losing money. The main cause of the situation is due to limitations, weaknesses in organizational structure, management of enterprises; passive thinking of some PVN representatives

In 2017, PVN continued to face with various difficulties and challenges, including in objective and subjective issues. The impacts of the wrongdoing and the ineffective projects have affected to labor spirit, reputation and brand of PVN. Therefore, in the implementation of the task in 2018, it requires a strong focus and efforts in the whole system of PVN.

PVN identified 2018 as a special year to implement the resolution of the second Party Congress in association with the implementation of the Group Development Strategy until 2025 with orientation to 2035 in the spirit of Resolution No. 41 -NQ / TW dated 23 July, 2015 of the Politburo and the Prime Minister's Decisions No. 1748, 1749 / QD-TTG dated October 14, 2015.

On February 21st, 2018, the Party Committee of the Vietnam National Oil and Gas Group issued Resolution No. 159-NQ / ĐU on directing the implementation of the task of 2018. It emphasizes the objective of re-launching the system which starts from political and ideological work, consolidates the culture of the company, restructures of investment and financial work for effective resource allocation and implementation of designing a professional and modern corporate governance system with a clear orientation for the future; striving to complete the task of production and business in 2018.

Main tasks and solutions of PVN

Right from the beginning of the new year, Mr. Nguyen Xuan Phuc - Prime Minister and Mr. Trinh Dinh Dung - Deputy Prime Minister, who came to the important events of PVN, gave very specific instructions on task orientation for PVN.

In Resolution No. 159-NQ / ĐU, the Party Committee of PVN has set out a series of significant tasks and solutions to help the Party committees to guide to all staffs, party members and labors about tasks in 2018 and the next period. It emphasizes the task of strengthening the leadership and directing the operation of the political system of the Group with the motto "Bravery - Solidarity - Innovation - Action".

Oil and gas exploitation workers of Vietsovpetro are working on drilling rigs

The Party Committee determines that it is necessary to improve the role and overall responsibility of the Party organization: First and foremost, the work of thought and political education. In addition to assigning tasks, empowerment, and decentralization, it is essential to intensify the activities of inspection, supervision, and prevention of corruption.

In addition, PVN will develop a plan to restructure the whole Group until 2025 – starts from the parent company of the Group; To formulate a scheme on restructuring of PetroVietnam Exploration Production Corporation before the equitization. This has been considered a key task to seriously implement the central resolutions on restructuring, renovating and raising the efficiency of state enterprises, increasing the quality of the organizational and management system.

The Party Committee also requested to carry out its tasks under Decision No. 1008 / QD-TTg dated July 12, 2017 by the Prime Minister approving the production and business development plan of the Vietnam Oil and Gas Group until 2020 to reach the target: To build and develop Vietnam Oil and Gas Group to become a core unit of the oil and gas industry, which has strong financial and scientific strengths, high competitiveness in domestic and international markets.

In particular, focusing on five main areas: Oil exploration and exploitation (both domestic and foreign); Gas industry; Petroleum processing; Power industry and petroleum services and on 3 fields: Corporate Governance; Finance and Research and development.

Một số nhiệm vụ cụ thể được xác định là tập trung xử lý, khắc phục các tồn tại theo kết luận kiểm tra, thanh tra, điều tra, xét xử; trong đó chú trọng 3 lĩnh vực gồm: công tác tổ chức, cán bộ; quản lý vốn và tài sản; đầu tư các dự án.

PVN will also handle 5 making-losses projects based on the Politburo's conclusion and Prime Minister's decision; organizing the overall review and examination of the implementation and legal basis in all projects of PVN and the units which are implementing the investment to remove difficulties for each project and complete the investment procedures in the regulation. Simultaneously review the development strategy of all units to integrate the strategy and the restructuring plan of the Group.

The organizations and units in the Group are responsible for developing specific programs and action plans to implement the Resolution 159-NQ / ĐU from the beginning of March 2018.

Petrotimes.vn