Petrovietnam accelerates new products, expands international markets

(Chinhphu.vn) - In July, Petrovietnam achieved a number of production growth targets compared to the same period from 1-45%, including: Crude oil exploitation, LNG import, electricity production, gasoline production excluding NSRP, nitrogen production, NPK production, and polypropylene production.

Long Phu 1 Thermal Power Plant project is being actively implemented at a high pace.

Accumulated in 7 months, compared to the Group's management plan, Petrovietnam has achieved and exceeded targets by 1-10%, including: Exploitation of foreign crude oil, petroleum excluding NSRP, nitrogen, NPK, LPG. Compared to the same period in 2024, some impressive growth targets, such as electricity production increased by 9.8%, petroleum excluding NSRP increased by 23.4%, NPK increased by 53.8%, Polypropylene increased by 34.6%.

In terms of service products, Petrovietnam also recorded positive growth: Ship repair services (PVSM) increased the number of new contracts by 22% over the same period; construction of oil and gas and wind power project bases, oil and gas technology platforms and OSS platforms ( PTSC ); revenue from manufacturing and building new oil and gas and renewable energy projects increased by 88% over the same period.

Regarding financial indicators, the total revenue of the Group is estimated at 602,165 billion VND; the contribution to the State budget is estimated at 83,013 billion VND. Notably, in the consolidated revenue structure of the past 7 months, Petrovietnam recorded 5,204 billion VND in new product revenue from science and technology development, innovation and 67,365 billion VND from international business revenue. This is a great effort of Petrovietnam in the context of global energy transition requiring new changes in the application of science and technology and market diversification.

The Group also increased investment disbursement value by 49% over the same period in 2024, estimated at VND 24,766 billion.

The Kinh Ngu Trang - Kinh Ngu Trang Nam field development project opened 4 wells on the WHP-KTN platform to officially receive the first oil flow.

Closely follow the development strategy and Resolution of the Party Congress of the Group for the 2025-2030 term

To complete the 2025 plan under great pressure, Petrovietnam leaders determined to focus on making the most of existing driving forces, while reviewing and adding new growth factors.

Petrovietnam adheres to the goal of building national energy industrial centers, applying science and technology to improve productivity and efficiency. Based on key products, the Group develops new product portfolios, expands growth space, ensures revenue and profit targets, and accelerates the implementation of key tasks, especially in production and investment.

Petrovietnam is currently operating 12 rigs, of which 4 exploration wells are being deployed - these are important driving forces to increase reserves and production as planned.

According to Petrovietnam Chairman of the Board of Directors Le Manh Hung, completing and exceeding the Group's 2025 production and business plan is a consistent goal, in the context of increasing pressure. The Group is highly focused, implementing drastically and specifically each week and each day to achieve the set goals. First of all, closely assessing the international and domestic situation, especially the risks, thereby accurately calculating the growth drivers. At the same time, building key solutions to complete the 2025 plan, creating momentum for the 2026 growth target.

Regarding production and business activities, Mr. Le Manh Hung requested that the exploration and exploitation sector continue to increase reserves and output; the petrochemical sector maintain stable operation of factories at high capacity; the gas - electricity sector ensure adequate sources of raw materials and fuel to serve the market; the Service sector effectively exploit development space, increasing the contribution to total revenue.

Emphasizing the task of developing new products, the Chairman of the Board of Directors of Petrovietnam paid special attention to expanding international business markets to avoid dependence on the domestic market, thereby leading to revenue and production growth. At the same time, strengthening capital, asset, cash flow and cost management at an optimal level. In addition, focusing on streamlining the apparatus, improving the quality of human resources, ensuring resources to successfully implement the 2025 plan.

Labor

Source: https://baochinhphu.vn/petrovietnam-tang-toc-san-pham-moi-mo-rong-thi-truong-quoc-te-102250807175821765.htm