Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) hasfulfilled three main targets of the year ahead of schedule thanks to a seriesof effective solutions.

Those targets are total revenue, consolidated pre-tax profit and contributionto the State budget.

PetroVietnam achieved the impressive results in the contextof a declining trend in the world economy with the global PMI in August furtherdropping to 50.3, a 26-month low. OPEC forecast a 3.1% growth for the worldeconomy this year, down from the 3.5% forecast in May.

In the country, the domestic economy is suffering from theimpacts of rising inflation in the world and the disruption of global supply chains.Besides, energy prices continue to undergo unpredictable changes, demand for fertilizerdropped and gas exploitation for electricity generation continued to be lowerthan planned, thus affecting PetroVietnam’s operation.

To counter the unfavourable factors, the group has applied synchronoustechnical solutions and maintain exploitation activities at high level,resulting in a 23% increase in crude oil output over the eight-month target.  

The group produced 4.56 million tonnes of petrol and oil(excluding the output of Nghi Son refinery), exceeding the 8-month plan by 8%and up 5% year on year, meeting domestic demand.  

PetroVietnam also produced 1.22 million tonnes of urea fertilizer for thedomestic market, exceeding the 8-month plan by 10% and up 9% year on year.  

It paid 90.6 trillion VND (3.85 billion USD at current exchange rate) to theState coffer, surpassing the yearly plan by 40%. In 2021, the group contributed112.5 trillion VND (nearly 4.8 billion USD) to the State budget, up 80% fromthe year’s target and equivalent to 36% of the 2020 figure.

In August, the group also implemented other business and production activitieson schedule, while promoting cooperation with domestic and internationalorganisations and businesses like banks and energy groups.

Addressing a regular meeting for September, PetroVietnam Chairman Hoang QuocVuong again underlined that the group has an important mission of ensuringenergy security for national development, thus contributing to building anindependent and self-reliant economy.

He instructed affiliates to give priority totackling most urgent issues in the remaining months of 202 and remaining yearsin the five-year plan for 2021-2025.

Based on the group’s strength in renewableenergy, especially off-shore renewables, relevant units should build strategiesalong with specific plans of action in this field, Vuong said.

Meanwhile,Director General Le Manh Hung stressed that the group must work hard to ensure sufficientsupply of energy, especially petrol and gas, for the country in line with thePrime Minister’s requirement. He also directed the group to actively work withrelated agencies in building institutions, mechanisms and policies for thedevelopment of the oil and gas industry, particularly in the drafting of therevised law on oil and gas.

The Director General warned that the situation on the world market will worsenin the last months of 2022 and in 2023 as a consequence of instability,depression and shrinking production, which will affect PetroVietnam’sproduction and business.  

He required the group’s units to closely monitoring trends on the market,develop scenarios for production and business depending on inflation andexchange rate as well as impacts of monetary and fiscal policies, and reshuffleinvestment portfolio to cope with the effect of inflation.

The group should build plans to cope with the riskof disruption in supply chains, roll out connectivity chains in production,business and investment, and promote long-term scientific research programmes,especially a research project on dioxide carbon, to serve investment planning andmarket expansion, Hung said./.