Petrovietnam: Overcoming 188bet vn "Double Crisis", exceeding 188bet vn production targets

188bet vn global oil and gas industry faced many difficulties. Due to losses or decreased revenues, some major oil and gas corporations narrowed operations and manpower and even went bankrupt. Domestically, Vietnam has responded eff ectively and managed 188bet vn Covid-19 epidemic, macroeconomic growth over 188bet vn last 6 months was more stable than many countries in Southeast Asia. However, 188bet vn socio-economic development indicators were at 188bet vn lowest level compared to 188bet vn same period of recent years.

Being 188bet vn business that is most directly and heavily aff ected by 188bet vn effects of 188bet vn “double crisis”, over 188bet vn last 6 months, with 188bet vn highest spirit and determination, Vietnam Oil and Gas Group (PVN) has mobilized all resources to implement synchronously and eff ectively 188bet vn Covid-19 pandemic double-response solution package and 188bet vn deep fall in oil prices. Accordingly, all activities of 188bet vn Group are ensured safe and there is no Covid-19 infection case. All units retain their normal business and production pace. Production units such as VSP, Rusvietpetro, Bien Dong POC, PVGas, PVFCCo, PVCFC, etc. completed and exceeded 188bet vn production targets.

Additionally, 188bet vn cash flow of 188bet vn Group and its affi liates ensure smooth and stable liquidity, making an important contribution to 188bet vn business and production activities to keep 188bet vn development pace.

For 188bet vn first time in 188bet vn past 5 years, 188bet vn coefficient of oil and gas reserves (between increasing reserves and production) has reached 1.19 times - ensuring a safe level for 188bet vn Group’s sustainable development. Total oil production in 188bet vn fi rst 6 months reached 10.73 million tons, surpassing 432,000 tons of oil regulation (exceeding 4.2%) in 188bet vn 6-month plan and equal to 52.7% of 188bet vn yearly plan, of which: Oil production in 188bet vn first 6 months reached 5.92 million tons, exceeding 432,000 tons (exceeding 7.9%) in 188bet vn 6-month plan. Gas production reached 4.81 billion m3, equaling 100% of 188bet vn 6-month plan and 49.4% of 188bet vn yearly plan; Electricity production reached 10.9 billion kWh, equaling 98.7% of 188bet vn 6-month plan and 50.5% of 188bet vn yearly plan; Nitrogen production in 188bet vn first 6 months reached 962,400 tons, exceeding 114,800 tons (exceeding 13.5%) for 188bet vn 6-month plan and equaling 61.6% of 188bet vn year plan; Petrol and oil production in 188bet vn whole 6 months reached 6.4 million tons, equaling 96.3% of 188bet vn 6-month plan and equaling 54.2% of 188bet vn yearly plan.

With positive results from production and business, PVN’s financial results have many positive results. 188bet vn total revenue in 188bet vn first 6 months of 2020 is VND 283,500 billion, contributing to 188bet vn State budget is VND 32,000 billion.

PVN is determined to strengthen its grasp of market supply and demand forecasts, stick to 188bet vn business goals of 2020, promote investment procedures and procedures to increase disbursement in 188bet vn last months of 188bet vn year, and continue promoting technology solutions to reduce costs, improve productivity, drastically implement packages of solutions to cope with 188bet vn Covid-19 epidemic and deeply reduce oil prices to ensure 188bet vn completion of 188bet vn plan set for 2020, contributing to 188bet vn overall development of 188bet vn country’s economy.