PetroVietnam rolls out measures to ensure operations in new situation hinh anh 1Workers of the Vietnam Oil and Gas Group (Petrovietnam) (Photo:
Hanoi (VNA) – Despite impacts of COVID-19, the Vietnam Oil and Gas Group (Petrovietnam) fundamentally fulfilled its set targets in the first eight months of this year.

The ongoing pandemic has dealt a major blow to the group’s major activities. Of particular note, dry natural gas consumption and supply saw a decline of 15 percent in January-August compared to the same period last year.

In addition, the firm is facing difficulties in mechanisms and policies and asking to streamline excessive procedures.

Amid such challenges, PetroVietnam General Director Le Manh Hung has ordered serious implementation of preventive measures.

In a bid to ensure health conditions for workers and maintain stable and safe operations and investment, four groups of tasks and solutions have been devised to combat COVID-19.

The company has exerted efforts in ensuring health for workers and adhering to COVID-19 prevention and control. It also worked to access COVID-19 vaccines and roll out inoculation drive for workers.

In addition to implementing the 'three on the spot' and 'one route, two destinations' models, PetroVietnam has taken the initiative in applying scenarios in case a COVID-19 infection is detected to devise appropriate solutions, as well as ensuring input materials so as to stabilise the market.

It also strives to guarantee progress of investment projects, especially ones that are due in 2021 and the following year.

PetroVietnam reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177 percent and tripled the figure for the same period last year, reaching 30.2 trillion VND (1.32 billion USD).

During the period, the group’s crude oil output surpassed the plan by 12.7 percent, and the outputs of petrol, oil and fertiliser were also higher than the targets.

The group's total revenue hit over 390.7 trillion VND, exceeding the plan by 17 percent and up 24 percent on a yearly basis. Its contribution to the State budget soared by 38 percent to 56.9 trillion VND.

PetroVietnam cut costs by 2.04 trillion VND, equivalent to 75 percent of its yearly target. It also contributed 733.8 billion VND to the COVID-19 fight, of which 554.9 billion VND went to the COVID-19 vaccine fund.

The group has been reviewing legal regulations to identify any obstacles to its operations and propose settlement recommendations.

The Resolution of the 13th National Party Congress views institutional reform and completion as one of the three strategic breakthroughs for the 13th tenure.

During its operation, PetroVietnam has realised that many legal regulations have affected its operations.

Not only hoping for the current Oil and Gas Law to be amended to create a driving force for sustainable development, the enterprise has also been working to review obstacles that legal regulations have caused for its operations so as to submit revisions to competent agencies.

At present, there are about 60 contents and issues related to legal rules that need to be amended to create optimal conditions for the development of not only PetroVietnam but also other businesses, such as some stipulations in the Law on Public Investment, the Law on the Management and Use of State Capital, the Law on Enterprises, and the Law on Bidding.

For example, under the existing Law on Bidding, PetroVietnam will encounter difficulties in executing investment projects, especially its joint projects with foreign partners, which may lead to slow implementation and subsequently, economic losses.

In addition, given the oil and gas industry’s specific features, a number of problems facing PetroVietnam’s operations have yet to be mentioned, fully mentioned, or properly mentioned in current laws.

Apart from reviewing legal barriers, the group is also coordinating with the Ministry of Industry and Trade to draft the revised Oil and Gas Law, which is expected to be submitted to the National Assembly at the coming session./.