PetroVietnam urged to regain growth engine role

Friday, 2019-01-11 22:26:38
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Prime Minister Nguyen Xuan Phuc speaks at the meeting. (Photo: NDO/Tran Hai)
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The group reported that PetroVietnam successfully fulfilled the targets for 2018, noting that it exploited 23.98 million tonnes of oil equivalent, including 13.97 million tonnes of crude oil, respectively up 5% and 5.6% from the set targets. Meanwhile, 10.01 billion cubic metres of gas was exploited.

It produced 1.63 million tonnes of nitrogen fertiliser, rising by 5.7% from last year’s target.

PetroVietnam also surpassed financial targets as it earned VND626.8 trillion (US$26.9 billion) in revenue, up 18.1% and 25.9% from the set target and the previous year, respectively. It contributed about VND121.3 trillion to the State budget, up 64.3% and 24.3%.

Addressing the meeting, PM Phuc stressed PetroVietnam’s leading role among State-owned enterprises, elaborating that it not only greatly contributes to the State budget but also plays an important role in the external work, ensuring defence-security, and helping with the economy’s self-reliance.

Prime Minister Nguyen Xuan Phuc urges PetroVietnam to regain growth engine at the meeting. (Photo: NDO/Tran Hai)

Applauding the groups’ achievements, he emphasised that these will be prerequisites for further development in the time ahead.

The firm has made substantial contributions over more than 30 years of Doi Moi (Reform), he said, noting that the sector has ensured the gas supply for the production of 35% of electricity, 75% of fertilisers and 64% of liquefied gas consumed in Vietnam.

The Government leader requested PetroVietnam be determined to overcome shortcomings as well as challenges and difficulties to deserve the “Hero of Labour in the reform period” title.

It must nurture the ambition to regain its leading position in the national development and become a stronger group, he said.

PM Phuc also asked it to take the lead in applying science-technology amid the fourth Industrial Revolution.