PetroVietnam steps up pandemic response

06:00 | 26/06/2021 Companies

(VEN) - The Covid-19 resurgence in early May has significantly affected the domestic economy. However, with drastic responsive measures designed in the first outbreak in 2020, production and business activities of the Vietnam National Oil and Gas Group (Petrovietnam) in the first five months of this year have contributed significantly to the country’s growth.

petrovietnam steps up pandemic response
Petrovietnam Chairman Hoang Quoc Vuong at a monthly online meeting of the group

Safe, stable and growing production

The strong recovery of the world economy and high oil prices are positive factors in production and business activities of the oil and gas industry, which has been greatly affected by the Covid-19 pandemic over the past year. However, the strong and widespread resurgence of the fourth wave of Covid-19 is greatly affecting continued socioeconomic development.

According to Petrovietnam’s President and CEO Le Manh Hung, oil exploitation output domestically and abroad was a bright spot in the group’s operations with the output in May exceeding 18 percent of the monthly plan, achieving the accumulated oil exploitation output in the first five months of this year as planned.

In the first five months, the group’s total revenue reached VND227.3 trillion, exceeding 14 percent of the plan, up 16 percent over the same period in 2020. The group’s contribution to the state budget reached VND32.4 trillion, exceeding 23 percent of the five-month plan, and posting a 20 percent increase over the corresponding period last year. The group’s pre-tax profit reached VND15.3 trillion, 2.3 times higher than the five-month plan, and more than three times higher than the same period of 2020. All units in the group maintained stable production and business operations, while prevention and control of the Covid-19 pandemic was strictly and thoroughly implemented.

petrovietnam steps up pandemic response
Petrovietnam Chairman of the Board of Directors Hoang Quoc Vuong gave a donation of VND400 billion to the National Covid-19 Vaccine Fund
petrovietnam steps up pandemic response
Petrovietnam’s President and CEO Le Manh Hung

Efforts to exceed 2021 plan

At a recent monthly online meeting of Petrovietnam, Board of Members Chair Hoang Quoc Vuong praised the positive business results achieved by the units in the first five months of the year, despite major challenges such as high electricity demand and low gas consumption.

Vuong asked the group’s units to focus on large construction projects with long-term effects on future operations by tightening costs and risk management. The head of Petrovietnam also issued specific instructions regarding projects like Block B, Blue Whale; Song Hau 1, Thai Binh 2, Nhon Trach 3 and Nhon Trach 4 thermal power plants, and upgrading and expanding the Dung Quat Oil Refinery.

President and CEO Hung said that in order to ensure production and business goals in 2021, the group will focus on controlling the pandemic, coordinate with the Ministry of Health and relevant authorities to vaccinate employees as quickly as possible and update macroeconomic impacts to carry out specific corresponding solutions.

petrovietnam steps up pandemic response

In particular, Hung suggested that the group needs to focus on improving oil production to compensate for low gas output, ensuring production and business efficiency given the favorable oil price conditions. Regarding long-term solutions, the group should increase oil reserves, overcome market bottlenecks, increase gas output, expand markets, maintain stable operation of oil refinery and petrochemical plants, increase production capacity, promptly meet market demand, and build sales and inventory management plans.

Responding to the call of the Government and the Prime Minister, Petrovietnam recently contributed VND400 billion

to the National Covid-19 Vaccine Fund. To date, Petrovietnam and its member companies have donated VND480

billion to the nation’s fight against the pandemic.

Manh Chung