Petrovietnam’s Hallmarks of 2019

13:05 | 23/01/2020 Companies

Here are six hallmarks of Petrovietnam in 2019.

1. Focus on corporate management and Petrovietnam culture revamp

Petrovietnam continues to promote restructuring and streamlining the apparatus, focusing on innovation, improving the effectiveness and efficiency of corporate governance.

Focus on different measures for renovating . Mobilizing the political system into synchronization showed determination in deploying the building of Petrovietnam Culture.

2. Achieving set target 1-2 months in advance

Petrovietnam achieved the set target 2 to 60 days ahead of the year plan.

Increasing oil and gas reserves to complete the year plan 2 months in advance.

Petrovietnam’s revenue from the power industry in 2019 reached a record level of nearly VND 36 trillion.

Petrovietnam’s subsidiaries have completed and exceeded the set targets. Some subsidiaries achieved the target 1-2 months in advance.

3. Ranked high by international organizations

For independent credit, Petrovietnam has been rated BB + by Fitch Ratings. This reflects the innovation and improvement of financial management integrated within the Group's business activities in a timely, practical and effective manner.

Petrovietnam holds the leading position in the Top 500 Vietnam's most profitable enterprises in 2019 by Vietnam Report.

In addition, many subsidiaries consistently rank high in awards for their production capacity, executive management, creativity and environmental protection.

4. Investing and developing important projects

Completed investment and put 2 fields/projects into operation. The Sturgeon field and the BK-20 rig of Vietsovpetro gave the first commercial oil flow.

Started construction of the 1 million ton LNG Storage Project at Thi Vai - the first LNG storage facility in Vietnam for the green, environment friendly energy.

5. Subsidiaries overcoming difficulties

Some subsidiaries overcame difficulties and expanded their operations overseas.

PVEP effectively operates accumulated losses, out of special financial supervision.

PVD signs drilling service contract with foreign partners.

6. Assumed the role of ASCOPE Secretary-in-charge

The 45 ASCOPE Council Meeting was successfully hosted in Hanoi. For the first time, Petrovietnam assumed the role of ASCOPE Secretary-in-Charge during ASCOPE's half-century history of foundation and development. This demonstrates the deep integration, the positive role of Petrovietnam and its members in the Southeast Asian oil and gas community, in parallel with the increasing position of Vietnam in ASEAN.