PetroVietnam hard hit by pandemic, world oil prices, but keeps up operations

The efficiency of oil and gas exploitation has sharply decreased, with revenues insufficient to cover costs. Service prices in the oil and gas industry are low, large inventories fill domestic oil refineries, and sales of petrochemical products have plummeted. In the Central Highlands and southwestern region, although they benefit from falling oil prices, the group’s nitrogenous fertilizer producers are suffering severely from the pandemic and drought.

Following the prime minister’s instructions on implementing the “dual task” of pandemic control and socioeconomic development, PetroVietnam and its member firms have implemented specific solutions for this turbulent period by increasing efficiency, protecting employee health, maintaining stable and continuous production and trading activities.

All of PetroVietnam’s major projects, factories and enterprises have maintained operations despite the pandemic, even in the middle of April, when the spread of the disease seemed most threatening. Almost 60,000 employees are still working hard to fulfill their assigned tasks.

PetroVietnam and its member businesses have applied special working regimes since April 1. Apart from ensuring worker safety and health, member businesses are strengthening governance, optimizing resources, applying tools and solutions to minimize costs (including pay cuts to senior officials and workers), and improving labor productivity. PetroVietnam member units also share information, resources and markets to maximize the value chain’s efficiency, while strengthening cooperation with other domestic enterprises to improve operational efficiency.

In the first quarter - the most difficult and challenging period since its establishment, PetroVietnam reached all the targets that it set.

People in the oil and gas sector are energetic and renowned for their dynamism and creativeness, and dare to think and dare to do. In such a difficult and challenging period like the current one, they have shown their bravery, will and devotion to their jobs.

These wills and energy for many years have been maintained and improved in the so called PetroVietnam environment. Oil and gas workers are compared to “flame finders”, with the flame being a symbol of great spiritual significance and pride that lead to hope, enthusiasm and faith.

Over the past six decades, generations of “flame finders” have been working hard to build standards and core values of PetroVietnam’s culture and business ethics and each of its member units. The business philosophy, core values and business ethics of oil and gas businesses and people promote the sharing of benefits, responsibilities, advantages and difficulties, and show that solidarity and unity are the foundation for the group’s strong development.

The spread of PetroVietnam’s culture and business ethics have created an intellectual foundation and unified viewpoints, and connected people to help create great motivation and strongly develop the oil and gas industry.

Now and in the future, jobs and incomes of a number of oil and gas sector employees are being and will be affected heavily, and this will have an unavoidable impact on the psychology and spirit of PetroVietnam workers.

Despite that, what one can see in oil and gas factories and offshore and onshore mining rigs is patience, solidarity and unanimity to overcome difficulties of workers. They were working hard day and night, and many of them now have to take on additional work of their colleagues due to the social distancing policy for controlling the spread of the Covid-19 pandemic. Leaders encourage employees, while colleagues encourage each other, and each worker encourages himself or herself to strive and fulfill their tasks.

Many oil and gas workers have created equipment and tools to help control the pandemic and protect worker health. These include “Made in PetroVietnam” boxes of disinfectant, utensils, sterilization devices, and UV-based disinfection lamps.

Despite difficulties, challenges and its austerity policy, PetroVietnam and its member units have been maintaining their social charity and donation programs on a regular basis. They have donated tens of billions of dong and food, including cooking oil bottles associated with fertilizer bags for farmers.