Five highlights of PetroVietnam in 2018

Wednesday, 2019-02-06 19:33:10
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Nghi Son Petrochemical Refinery Complex
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NDO – Over the past year, thanks to the care from the Party and State and the efforts made by its staff, the Vietnam National Oil and Gas Group gained significant achievements in its operation, which can be seen through five highlights.

Firstly, the group has basically accomplished the arrangement and streamlining of the apparatus of its parent company, making it the first enterprise to complete the merger of the Party’s committees with the functional units which undertake similar tasks.

The restructuring of the organisation and personnel of PetroVietnam's management apparatus is an urgent and essential requirement in a bid to strengthen and improve management efficiency, while facilitating the group’s transformation and development objectives in the new situation. PetroVietnam has completed and issued the Petroleum Culture Handbook and the code of conduct for leaders and managers.

Secondly, in 2018, PetroVietnam exceeded all of its production and business goals, especially in increasing reserve amounts, oil exploitation output and financial indicators. Most of the group’s targets for 2018 which were assigned by the Government were completed ahead of schedule.

Accordingly, the total oil and gas production reached 23.98 million tonnes, up 5% compared to the yearly plan. Nitrogen production was estimated at 1.63 million tonnes, exceeding 5.7% of the target. The group gained VND 626.8 billion in total revenue, which is 96 trillion (equivalent to 18.1%) higher than the year plan, and represents an increase of 25.9% against 2017. It also contributed VND 121.3 trillion, exceeding VND 47.5 trillion (64.3%) of the year plan, and up 24.3% compared to the 2017 figure.

Thirdly, PetroVietnam successfully equitised three enterprises including: PetroVietnam Power Corporation (PV Power), Vietnam Oil Corporation (PVOIL) and Binh Son Refinery and Petrochemical Joint Stock Company (BSR), with the value of the State-controlled capital contribution at VND 89,000 billion. The IPO page of these 3 enterprises brought to PetroVietnam VND 16.5 trillion. After equitisation, the production and business activities of the enterprises all prospered.

Fourthly, the Nghi Son Petrochemical Refinery Complex was officially put into operation. With a total investment up to US$9 billion and a processing capacity of 200,000 barrels of crude oil per day, Nghi Son Petrochemical Refinery Complex is one of the key projects of oil and gas projects in Vietnam as it is designed to contribute to ensuring national energy security, meeting the people’s increasing demand of petroleum for the domestic market, and reducing the dependence on imported petroleum.

Fifthly, positive changes have been seen in the group’s inefficient projects, such as the Dinh Vu Polyester Textile Fiber Factory, Bio Ethanol Dung Quat Factory, and Binh Phuoc Biofuel Plant.

After more than half a year resuming its operating again, the PVTEX has brought to the market 2,200 tonnes of good quality DTY fibre products which are highly appreciated by customers. Meanwhile, the Bio Ethanol Dung Quat Factory has stably operated and produced high-quality products and the Binh Phuoc Biofuel Plant completed its maintenance process and is ready to reopen for operation.