PetroVietnam discusses measures to soften blow from COVID-19

Illustrative image (Source: VNA)

Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) will continue cutting costs and optimizing all resources while boosting sales to cushion the impact of the COVID-19 pandemic on the oil and gas industry, the group’s recent online meeting reviewing business performance in the first quarter of 2020 and mapping out tasks for April heard.

Addressing the meeting, PetroVietnam Director-General Le Manh Hung asked that member companies adopt specific business plans for April as the month is expected to see further economic decline from the pandemic.

He urged member companies to cut non-essential costs and make the most of resources to improve efficiency and maintain production in light of sinking oil prices.

They must also intensify cooperation with major buyers around the country to boost sales and deal with weakening demand and high inventory, he said.

PetroVietnam and its members will also rigorously implement preventive measures against the disease and ensure the safety of their workers.

The group's revenue during the period stood at 165 trillion VND as a result of falling global prices, equal to 90.9 percent of the plan.

The group contributed 20.8 trillion VND to the State budget, or 89.7 percent of the target./.