Petrovietnam overfulfills financial targets of 188bet apk first Quarter of 2021

188bet apk meeting was attended by Petrovietnam Chairman of 188bet apk Board of Directors Hoang Quoc Vuong; together with 188bet apk leaders of 188bet apk Group and member units.

Development of 188bet apk world economic and political situation in 188bet apk first quarter of 2021 shows that 188bet apk recovery trend of 188bet apk world economy in 2021 is not yet clear, there are still many risks of instability from geopolitical issues, trade conflicts and unpredictable developments from 188bet apk COVID-19 epidemic.

There are many potential negative influences on 188bet apk world crude oil market. In 188bet apk most recent meeting on 1st April 2021, OPEC+ decided to increase 188bet apk production output by 350,000 bpd from May-June and 441,000 bpd from July, and extend 188bet apk time limit to offset 188bet apk overproduction volume (about 90 million barrels) to 188bet apk end of September, leading to an adjustment in supply in 188bet apk near future. Meanwhile, on 31st March, OPEC+ Technical Committee revised down 188bet apk outlook for world crude oil demand growth from 5.9 million to 5.6 million bpd, sending more negative signals about crude oil market in 2021.

Proactively updating, forecasting 188bet apk situation, drastically operating and proposing reasonable solutions, in March and 188bet apk first quarter of 2021, Petrovietnam endeavored to keep up with 188bet apk targets and business plans. Working aspects such as ensuring oil and gas security and safety; advising on building mechanisms, policies and amending 188bet apk new Petroleum Law; building corporate culture, social security... all complied with 188bet apk program and plan. All units in 188bet apk Group maintained a stable business pace and ensured absolute safety.

188bet apk Group’s consolidated financial targets exceeded 188bet apk set plan, 188bet apk revenue and profit were very positive, of which 188bet apk State budget contribution was estimated at 19,023 billion dong, fulfilling 118% of 188bet apk quarter target and increases 3% over 188bet apk same period. 188bet apk whole Group had 17/22 profitable business units, of which 12/17 units grew over 188bet apk same period. To achieve 188bet apk above results, 188bet apk units drastically optimized 188bet apk value and reduced costs with 188bet apk total amount estimated at 2,835 billion dong, significantly contributing to 188bet apk Group's business results in 188bet apk first quarter.

Addressing at 188bet apk meeting, Petrovietnam Chairman of 188bet apk Board of Directors Hoang Quoc Vuong praised and highly appreciated 188bet apk close direction of 188bet apk Board of Management, together with 188bet apk efforts of 188bet apk units in implementing 188bet apk business tasks of 188bet apk first quarter, when all units had good business results. Commenting that there were still many difficulties and uncertainties in remaining months of 2021, Chairman Hoang Quoc Vuong instructed units to closely monitor 188bet apk market situation for proper management and administration, optimal business efficiency of 188bet apk whole Group. In particular, 188bet apk units should continue to promote restructuring; reviewing and optimizing costs to reduce costs and improve operational efficiency; promote market advantages in dominant fields; efforts to maintain production output and increase reserves, ensure sustainable development.

Concluding 188bet apk meeting, Petrovietnam President and CEO Le Manh Hung summarized and evaluated 188bet apk results achieved by 188bet apk whole Group in 188bet apk first quarter, analyzed 188bet apk risks that could affect 188bet apk Group’s business activities in 188bet apk coming time. In order to continue promoting 188bet apk achieved results and well perform 188bet apk tasks of April as well as 188bet apk following quarters, Mr. Le Manh Hung requested to continue optimizing 188bet apk administration work; actively analyze, update and evaluate risks and opportunities of 188bet apk market, as well as from 188bet apk macro situation to update administration, management solutions, successfully complete 188bet apk set plan; focus on planning management solutions, actively practice cost reduction; ready to welcome market opportunities in 188bet apk coming time. President and CEO Le Manh Hung emphasized that 188bet apk Group and its member units would continue to expand market share, promote portfolio management and investment association, strengthen coordination among units as well as actively deploy horizontal links throughout 188bet apk Group.