On 12 October 2017, at the Government’s headquarters, Prime Minister Nguyen Xuan Phuc worked with key leaders of the Vietnam Oil and Gas Group to evaluate the results of implementation of the production and business plan in 2017 and the deployment of key oil and gas projects.
Prime Minister Nguyen Xuan Phuc works with key leaders of the Vietnam Oil and Gas Group. Photo: Quang Hieu/VGP
At the meeting, the Prime Minister confirmed that the oil and gas sector plays an important role in socio-economic development and has made huge contributions to the national economy.
Throughout the development process, the Party and the State have given guidance by resolutions, strategies, master plans and the Prime Minister’s decisions to orientate the development of the Vietnam Oil and Gas Group.
In fact, the Vietnam Oil and Gas Group has built a united team of professional and highly qualified staff to overcome challenges and develop the oil and gas industry into a key economic and technical sector of the country. Especially, the Prime Minister highly appreciated the great contribution of Petrovietnam to the State Budget even in the difficult period.
According to Petrovietnam’s President and CEO Nguyen Vu Truong Son, the Group’s production and business targets were all overfulfilled from 2 - 21%.
In the first 10 months of 2017, oil production reached 13.01 million tons, exceeding the 10-month plan by 2.8% and representing 85.6% of the yearly plan. The Group has produced 11.39 million tons of oil in the country (exceeding the plan by 323 thousand tons, equivalent to 3%); and 1.63 million tons of oil abroad (exceeding the plan by 1.7%). In addition, Petrovietnam produced 8.25 billion m3 of gas, 17.09 billion kWh of electricity, 1.48 million tons of urea (exceeding the plan by 10.6%), and 5.03 million tons of petroleum products (exceeding the plan by 20.7%).
With average oil price reaching USD 54.3/barrel, the total revenue of the Group amounted to VND 404.2 trillion, representing an increase of 15% compared to the 10-month plan and 10% compared to the same period of 2016. Petrovietnam has contributed VND 76.1 trillion to the State Budget for the first 10 months of 2017, which is 2% higher than the yearly plan.
Prime Minister Nguyen Xuan Phuc highly appreciates the great contribution of the oil and gas industry to the State Budget even in the difficult period. Photo: Quang Hieu/VGPAlso at the meeting, the Prime Minister listened to the proposals and recommendations of Petrovietnam’s key officials to solve difficulties and obstacles so as to enable the continued development of the oil and gas industry in the coming period. In particular, the Prime Minister wanted Petrovietnam “to stand firm in the midst of difficulties”.
Prime Minister Nguyen Xuan Phuc stressed: “We are responsible to the country and the people”, so each person, each unit must continue to unite and strive to build on past achievements to contribute to the development of the Vietnam Oil and Gas Group.
Prime Minister Nguyen Xuan Phuc requested the Vietnam Oil and Gas Group to concentrate all its resources on completing the 2017 targets; review and develop the 2018 production and business plan in line with the country’s growth objectives; and continue with the equitisation process in accordance with the plan approved by the Prime Minister. The Group focuses on deploying key projects such as Ca Voi Xanh, Block B, and Dung Quat Refinery upgrading and expansion project.
On behalf of more than 55,000 employees of the oil and gas sector, Petrovietnam’s President and CEO Nguyen Vu Truong Son confirmed that the Group will continue to uphold the will, the responsibility, the competences and the tradition of the oil and gas staff to successfully implement the tasks assigned by the Government, contributing to the stability and further development of the Petrovietnam.
