Fulfilling targets early, Petrovietnam continues striving to achieve the highest 188bet asian 2023

Petrovietnam early fulfills production and financial targets 188bet asian 2023

The information given by Petrovietnam President and CEO Le Manh Hung to leaders of the Group's subsidiaries at the regular meeting on 5th December 2023 showed that the global economy, macro situation and market are actually much more difficult than forecast, has directly affected PetroVietnam’s production and business activities, reflected 188bet asian two important figures of the Group: electricity mobilization decreased by 14.6%, gas mobilization decreased by 8.4%. 188bet asian addition, the energy market was unfavorable, world crude oil prices fell sharply. 188bet asian November, world oil prices had their 5th consecutive week of decline since mid-October. On an average of 11 months, oil prices were down about 18% compared to the same period 188bet asian 2022. Petroleum products 188bet asian November decreased by 1% to 9% compared to the average level of October. Comparing to the same period 188bet asian 2022, excluding fuel oil (FO), the prices of the remaining products all decreased by 2-12%. Notably, the prices of all products 188bet asian November were lower than the average level of 2022. Urea prices also fell sharply, the accumulated number from the beginning of the year to now on average decreased by more than 22%, domestic and export demand were low, consumption was difficult. Particularly 188bet asian November, market demand was very low, thus inventories of refined oil products and fertilizers were at a high level. 

From the effectiveness of solutions to maintain output and increase reserves, Petrovietnam’s crude oil production 188bet asian November increases compared to October

188bet asian the context of being negatively affected by objective factors and the market, with the drastic implementation of management throughout, synchronous and effective implementation of specific solutions from the first days of the year; along with gradually completed institutions and policies, it has helped Petrovietnam continue to maintain the pace of production and business, and achieve positive results. 

188bet asian November, Petrovietnam’s main production targets were fulfilled and exceeded 2.7-72.7% compared to the plan. 188bet asian particular, from the effectiveness of solutions to maintain output and increase reserves, crude oil production 188bet asian November was 0.86 million tons, exceeding 9.8% of the month plan, increased by 1.7% compared to October (188bet asian which, domestic crude oil production increased by 2.7%); Electricity from PV Power increased by 4%; NPK increased by 95.1%; Polypropylene increased by 7.2% compared to October. Many figures grew compared to the same period 188bet asian 2022 (gasoline increased by 4.1%, urea increased by 4.6%, NPK increased by 3.2 times, LPG increased by 3.6%, polypropylene increased by 12%). 

Meeting domestic and export demand for fertilizer

Accumulating 11 months, except for NPK (76%), gas production (95.5%) and electricity production (97.6%) mainly due to objective reasons, the remaining production targets of the Group exceeded from 2.3% to 28% compared to the plan. 

Financial targets continued to exceed at high level. Total revenue of the Group 188bet asian November was 89 trillion dong, exceeding 59% of the month plan, up 2% compared to October; The State budget submission from the whole Group (excluding NSRP) 188bet asian November was 13.1 trillion dong, exceeding 84% of the month plan. Over the past 11 months, the Group has comprehensively completed its financial targets for the whole year 2023, finishing 1.5-5 months earlier than the plan and exceeding 7-81% of the year plan. Accumulating 11 months, the total revenue of the Group is estimated at 833.6 trillion dong, exceeding 34% of the 11-month plan, 23% of the year plan; the State budget submission is estimated at 134 trillion dong, exceeding 86% of the 11-month plan and 71% of the year plan. It is forecasted that by the end of 2023, many figures grow highly compared to 2022, especially investment have prospered, increased by 24% over the same period, along with other figures such as production of electricity, petroleum, Ca Mau urea, Ca Mau NPK, LPG, polypropylene…

Investment has prospered, increased by 24% over the same period

Other aspects of work continue to be actively implemented. The Group continues to promote digital transformation and ERP; persistently reinvent corporate culture with the goal of “Recreating the culture that goes ahead, strengthens and creates momentum for business regeneration". 188bet asian November, five enterprises under Petrovietnam were awarded the certificate of “Enterprises meeting Vietnamese business culture standards” approved by the National Council. Up to now, Petrovietnam and 11 subsidiaries, out of 54 certified enterprises across the country, have been awarded this certificate. Social security work continues to be implemented effectively, achieving many important results. By the end of November 2023, Petrovietnam has supported social security with a total budget of 217.5 billion dong. Fitch Ratings - the world’s leading credit rating agency has just re-assessed PetroVietnam’s credit rating with more positive indicators than the previous assessment. 

Petroleum production is one of the high growth indicators of Petrovietnam over the same period

188bet asian addition to the achieved results, Petrovietnam also identified many great difficulties that have taken place and will continue 188bet asian 2024 such as maintaining production 188bet asian the context of large natural production decline 188bet asian many key fields; difficult gas and electricity consumption due to low mobilization and continuous sharp decline, weak market demand; The momentum with the increase 188bet asian oil prices is not much, thus the effect of OPEC + production cuts is no longer as before, non-OPEC supply tends to increase, the global economy grows low. 

PetroVietnam maintains the pace of production and business, achieving positive results 188bet asian the first 11 months 

After summarizing, evaluating and directing each section/ field and unit during the meeting, receiving the direction of the Group’s Chairman of the Board of Directors, concluding the meeting, President and CEO Le Manh Hung directed the whole Group to continue to make efforts and take advantage of market opportunities to strive for the highest management targets, especially the revenue growth target to expand scale, facilitate displacement, restructure business model, be more competitive and  efficient. 

5 Oil and Gas enterprises receive the certificate of “Enterprises meeting Vietnam Business Culture standards” 188bet asian 2023

Petrovietnam President and CEO also directed a number of specific tasks 188bet asian December and the coming time as follows: Coordinate actively with relevant agencies 188bet asian submitting amendments to Resolution 41 of the Politburo; Cooperate with the Ministry of Industry and Trade 188bet asian developing the Oil and Gas Program 188bet asian the East Sea; Focus on maximizing oil production, seeking solutions and motivation for maintaining production and increasing reserves, especially focusing on implementing projects to put into operation 188bet asian 2024, key projects such as Block B, O Mon 3, O Mon 4; Strengthen the identification and forecast of supply and demand, inventory and production capacity, take opportunities to increase the production of petrochemical refined products; review, evaluate and forecast gas and electricity mobilization, promote solutions on consumption markets; Review and optimize investment, balance capital and investment cash flow; Assess the market, develop business plans along with financial plans to strengthen capital and cash flow management. On the basis of the targets and plans for 2024 approved by the Group’s Board of Directors, the units design solutions for the implementation of assigned targets..., 188bet asian which it is necessary to review the achieved results and shortcomings of 2023 to complete management and administration solutions 188bet asian 2024.