Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) has exceeded its business and financial targets in January by maintaining stable, safe, and continuous operations while ensuring the supply of essential products for socio-economic development.
The group still operated throughout the Lunar New Year (Tet) holiday 2025 to sustain production and business momentum. As a result, Petrovietnam surpassed its planned targets in January, with several key indicators showing growth compared to December 2024. Specifically, urea fertiliser production rose by 3.4%, petroleum refining increased by 1.6%, and polypropylene production grew by 4.7%.
Additionally, Petrovietnam exceeded all six targets set by its Board of Members for January, surpassing expectations by 2% to 37%.
The Petrovietnam Gas Joint Stock Corporation (PV GAS) and its subsidiaries maintained round-the-clock operations at production sites nationwide, ensuring a stable and efficient energy supply.
In northern Vietnam, PV GAS Trading imported over 5,000 tonnes of liquefied petroleum gas (LPG) while keeping the Thai Binh Floating LNG Terminal in continuous operation to meet the Tet holiday’s increased demand. In the South, PV GAS imported 47,248 tonnes of refrigerated LPG via the Vung Tau terminal, securing not only sufficient supply for the holiday but also reserves for the post-holiday period. Meanwhile, PV GAS Ca Mau operated the PM3-Ca Mau gas system without interruption, supplying gas to the Ca Mau power and fertiliser plants, contributing to stable electricity and fertiliser supply during the holiday.
The Binh Son Refining and Petrochemical Joint Stock Company (BSR) ensured uninterrupted operations at the Dung Quat Refinery during the holiday, running at optimal capacity while maintaining strict safety measures and emergency preparedness. The company also worked closely with local authorities to enhance monitoring and supervision both inside and outside the facility.
The Nhon Trach 3 power plant - the first liquefied natural gas (LNG)-fired power project in Vietnam - was connected to the national grid on February 5, generating 50 MW of electricity. By the end of January, the plant has completed nearly 96% of its construction workload. It is expected to begin commercial operations in July, contributing to strengthening energy security.
The Phu My Fertiliser Plant, operated by the Petrovietnam Fertiliser and Chemicals Corporation (PVFCCo), maintained uninterrupted production throughout the holiday, producing approximately 86,000 tonnes of fertiliser. This included 75,500 tonnes of Phu My urea, meeting 100% of its planned target, and over 10,000 tonnes of Phu My NPK, exceeding the plan by 16%.
In terms of business, Phu My delivered impressive results, with total fertiliser and chemical sales nearing 130,000 tonnes. Additionally, the plant secured high-value export contracts, meeting stringent international standards for industrial urea materials. Building on January’s strong performance, PVFCCo has set an ambitious target for February, aiming for total sales of approximately 150,000 tonnes in preparation for the Summer-Autumn crop and the rainy season, which begins in late Q1.
Similarly, the Ca Mau Petroleum Fertiliser Joint Stock Company (PVCFC) successfully exported 100,000 tonnes of urea during the off-season, marking a strong start to the year.
According to Petrovietnam General Director Le Ngoc Son, to achieve its production and business goals for Q1 and the entire year of 2025, the company will continue implementing key strategies, including ensuring fuel availability and operational efficiency at power plants, expanding capacity in the refining and petrochemical sector, increasing fertiliser production, accelerating high-potential exploration and production projects, investing in renewable energy, particularly wind and nuclear power and optimising cost reductions. Additionally, the group’s employees are committed to increasing labour productivity by 10-15%./.
