PetroVietnam endeavours to ensure energy supply

The Vietnam Oil and Gas Group (PetroVietnam) has made every effort to ensure electricity, gas and petroleum supplies in the context of market tension, affirming its pivotal role in the country's economy.
PetroVietnam endeavours to ensure energy supply ảnh 1Motor bikers queue to purchase petrol at a PetroVietnam Oil Corporation (PVOIL) station in Ho Chi Minh City. (Photo: VNA)
Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) has made every effort to ensure electricity, gas and petroleum supplies in the context of market tension, affirming its pivotal role in the country's economy.

The group has completed four of its main targets for the year ahead of schedule thanks to a series of effective solutions.

In the context that the global economy is on the verge of falling into recession due to the impact of ongoing multi-layered crises, and the domestic economy is forecast to face many risks due to impacts from the global economy, PetroVietnam’s production and business activities are also facing adverse impacts such as unpredictable developments in energy prices, a low gas supply for power production, and complicated developments in the domestic petroleum market.

However, the group has followed macroeconomic fluctuations, the government’s directions and market developments to come up with appropriate goals and solutions for its business and production activities.

Notably, volatility management and chain linkage have been implemented throughout PetroVietnam’s subsidiaries, contributing to maintaining stability, safety and efficiency.

Thanks to maintaining exploitation, especially in key mines, strengthening production management and applying technical solutions, PetroVietnam’s crude oil output reached 8.15 million tonnes in the first nine months of 2022, exceeding 23% of the plan set for the period, and equivalent to 93% of the yearly plan.

The group’s total revenue hit an estimated 698.3 trillion VND (around 29.1 billion USD), exceeding the yearly plan by 25%, and up 56% compared to the same period last year. It contributed 102.9 trillion VND to the State budget, surpassing the yearly plan by 59%, and soaring by 51% year-on-year.

According to Brand Finance, PetroVietnam is one of the 10 most valuable brands in Vietnam in 2022, with its brand value reaching 1.3 billion USD, nearly doubling that of 2021.

The firm has maintained its leading position as the most profitable enterprise in Vietnam for four consecutive years, according to the Vietnam Report Joint Stock Company. Besides, its brand strength index retains an AA ranking.

It also tops the PROFIT500 list which names the 500 most profitable enterprises in Vietnam in 2022.

The firm has concentrated on improving its competitiveness and responding to the energy transition by researching projects and investment opportunities in fields of its strength such as processing, petrochemicals, chemicals and renewable energy.

It has developed a science and technology research programme for the 2021-2025 period, deployed value chains, and taken measures to remove investment bottlenecks,

PetroVietnam's Song Hau 1 Power Plant and Thai Binh 2 Thermal Power Plant projects were considered bright spots for the national economy in the first nine months of 2022.

The group will also concentrate on assessing the impact of domestic capital and financial markets in order to manage risks and ensure financial safety for its production, business and investment activities.

PetroVietnam General Director Le Manh Hung warned that the situation on the world market will worsen in the last months of 2022 and in 2023 as a consequence of instability, depression and shrinking production, which will affect PetroVietnam’s production and business.  

He required the group’s units to closely monitor market trends, develop scenarios for production and business depending on inflation and exchange fluctuations, and reshuffle investment portfolios to cope with the effect of inflation.

The official said the firm is working hard on forecasting fluctuations related to the macroeconomic situation and the market, thus taking specific solutions to its production and business activities in the remaining months of 2022 and early 2023./.

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