VietNamNet Bridge - Not only did they exceed the yearly production plan, PetroVietnam’s workers, with the intelligence and bravery of ‘people who seek fire’, gained great achievements in 2018.

Restructuring the holding company

The national oil & gas group basically completed the arrangement and restructuring of the holding company, an imperative to consolidate and improve management efficiency to meet new business targets in the next development period.

PetroVietnam completed and issued the Petroleum Culture Handbook. Along with that, for the first time, the code of professional ethics for leaders and managers with detailed rules were introduced. The PetroVietnam’s Flame passed from generation to generation, creating the identity of Petroleum Culture, is the value that PetroVietnam’s people must respect, preserve and develop.

Yearly business plan

In 2018, PetroVietnam fulfilled all the targets in the yearly production & business plan set up earlier in the year, especially in raising oil & gas reserves, increasing oil & gas output and improving financial indexes.

The total oil & gas exploitation output reached 23.98 million of equivalent oil, or 5 percent higher than planned.

The fertilizer output reached 1.63 million tons, exceeding the production plan by 5.7 percent. The total revenue of the national oil & gas group was estimated at VND628.8 trillion, an increase of 25.9 percent compared with 2017.

Also in the year, PetroVietnam paid VND121.3 trillion to the state budget, or VND47.5 trillion higher than planned, and 24.3 percent higher than 2017.

Successfully equitizing three subsidiaries

The three subsidiaries include PV Power, PV Oil and Binh Son Refinery (BSR). All of them are large companies with audited State capital of VND89 trillion.

With successful IPOs, PetroVietnam collected VND16.5 trillion with a surplus of VND7.5 trillion. If counting the equitization value and state capital divestment, PetroVietnam earned VND18.6 trillion. The business performance of the three companies has thrivedsince equitization.

Nghi Son complex opens

With total investment capital of $9 billion and capacity of 200,000 crude oil barrels per day, or 10 million tons a year, Nghi Son Petrochemistry and Refinery is one of the key oil & gas projects of Vietnam.

The commercial operation of Nghi Son has important political, economic, national defence and social significance. It helps ensure national energy security and, together with the Dung Quat Oil Refinery, will satisfy more than 80 percent of domestic petroleum demand, thus helping ease reliance on imports.

Resuming a number of projects

After half of a year of resuming operation, PVTEX launched into the market 2,200 tons of DTY yarn. The Dung Quat Bio Ethanol Plant had stable operations, while the Binh Phuoc biofuel plant completed its maintenance period, ready for operation again.

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