State and Government recognition for PetroVietnam’s significant contributions to 188bet vietnam country

Prime Minister Nguyen Xuan Phuc was in attendance during 188bet vietnam conference with 188bet vietnam ministries, state authorities and departments delegates including Member of Party Central Committee, Member of 188bet vietnam National Assembly Standing Committee, Chairman of National Assembly Economic Affairs Committee Vu Hong Thanh; Member of Party Central Committee, Vice Chairman of Communist Party of Vietnam’s Central Economic Commission Cao Duc Phat; Member of Party Central Committee, Chairman of Vietnam General Confederation of Labour Bui Van Cuong; Member of Party Central Committee, Party’s Committee Secretary of State-owned Enterprise Sector Pham Viet Thanh; Member of Party Central Committee, Chairman of State Capital Management Committee Nguyen Hoang Anh.

Prime Minister Nguyen Xuan Phuc delivered speech at PetroVietnam's conference

Speaking at 188bet vietnam meeting, Prime Minister Nguyen Xuan Phuc has congratulated for PetroVietnam’s achievements and results, said PetroVietnam was so far proved to be 188bet vietnam leading corporation in 188bet vietnam state-owned enterprises sector and confirmed 188bet vietnam State and Government’s high recognition and respect for its pivotal role in national economic growth, foreign affairs, security and defence. Oil and gas processing products now add more values to 188bet vietnam national economy and for 188bet vietnam sake of people’s living aspects. Prime Minister Phuc mentioned that 188bet vietnam confidence for petroleum industry has been growing up and it was obviously that PetroVietnam contribution for 188bet vietnam benefit of society should be recognized. PetroVietnam has developed into a fully-integrated business model with high qualified human resources and was 188bet vietnam Hero corporation in 188bet vietnam new changing period. In 188bet vietnam coming future, PetroVietnam will continue to act as 188bet vietnam responsible energy major that drives 188bet vietnam economy forward and work closely with partners to fulfill its commitment for 188bet vietnam sustainable development. To adapt to 188bet vietnam new environment and challenges, PetroVietnam should focus in looking for innovative and agile solutions to boost projects progress and efficiency, successfully complete its strategies and targets. 188bet vietnam ambition is to develop PetroVietnam into a stronger corporation in 188bet vietnam region and worldwide, constantly evolve to contribute in 188bet vietnam national investment to increase by 33-34% and average export growth of 7-8%...

188bet vietnam event also received an encouraging flower bouquet from General Secretary and President Nguyen Phu Trong towards PetroVietnam leaders and employees’ efforts in 188bet vietnam Group’s achievements and results.

188bet vietnam conference has seen President & Group Chief Executive Officer Nguyen Vu Truong Son delivered business performance report for fiscal year 2018 and plans for 2019. Despite 188bet vietnam downturn within 188bet vietnam industry, tough competition amid deeper integration and inefficient projects, PetroVietnam has completed its production targets and continued to provide 188bet vietnam best-in-class profitability and robust cash generation in 2018. Crude oil output from local fields beat 188bet vietnam annual forecast, reflecting an increase of 675.000 tons. Consolidated sales revenues reached 626.800 billion dong, up 18% from target (~96.000 billion dong) and 26% from 2017. Total profits after tax more than doubled at 47.100 billion dong, increased by 23% from 2017. Especially, State budget contribution was about 121.300 billion dong, which is up 24% from 2017, in line with an increase of 64.3% (47.500 billion dong) compared with 188bet vietnam set up target. 188bet vietnam result was a stronger corporation with significant role in 188bet vietnam national GDP growth of 7.08%. Much of 188bet vietnam above success was generated from its full responsibilities as 188bet vietnam leading corporation that had a direct influence on 188bet vietnam national security, energy security and state revenues. PetroVietnam has been going forward to reaffirm its strong position in 188bet vietnam country with high spirits and creative, complete solutions implementation.

President and CEO Nguyen Vu Truong Son presented 2018 business annual report and plans for 2019

During 188bet vietnam year 2018, PetroVietnam has also paid its attention, resources and practical proposals to finalise 05 inefficient projects according to 188bet vietnam approved scheme by Prime Minister to restructure, including 188bet vietnam restart operation of 06 trains of Dinh Vu polyester plant (03 trains by 20/4/2018 and 188bet vietnam remains by 01/11/2018); accelerating 188bet vietnam progress of Thai Binh 2 thermal power, Song Hau 1 thermal power projects.

However, 2018 and 188bet vietnam next coming periods were a difficult time for PetroVietnam and its subsidiaries in terms of exploration projects financing and 188bet vietnam complicated movements toward East Sea drilling and production operations while mature fields were in a rapid decline of production and 188bet vietnam number of new drilled wells decreased that resulted in annual reduction ratio of 15% to above 30%, new discoveries were of small reserves and global oil price remained at its low level. Over 188bet vietnam past 03 years, technical services suppliers within 188bet vietnam industry have suffered from deeper price cut and fewer works (PTSC, PVD, DMC….). Several proposals of PetroVietnam were in 188bet vietnam process of consideration and finalising…

Group Chairman of Board of Council Tran Sy Thanh delivered speech at 188bet vietnam conference

In order to overcome 188bet vietnam difficulties, Prime Minister Phuc said PetroVietnam should launch new management systems in line with Decree 41 of 188bet vietnam State Politial Bureau on development strategy directions for petroleum industry and especially Decree 36 of 188bet vietnam Central Committee 12th Congress to practically supervise its major projects and investments to prevent from any delays and obstacles as well as East Sea operations movements, leveraging 188bet vietnam capability to strengthen mutual collaboration with partners including regional and global banks to facilitate project financing. In addition, PetroVietnam should capture 188bet vietnam new opportunities for profitable growth from 188bet vietnam traditional and deepwater areas in Vietnam continental shelf.  Emphasized that 188bet vietnam State and Government will look into PetroVietnam's proposals and give 188bet vietnam directions to pave 188bet vietnam way for its further development, Prime Minister Phuc said from PetroVietnam's side, one of 188bet vietnam priorities is better market forecast for business planning purposes while continue to develop 188bet vietnam full oil and gas value chain, empower 188bet vietnam highly-competent workforce and reconcile its economic and social development with environment protection and abidance by 188bet vietnam rules…

Conference panorama

In response to 188bet vietnam directions and expectation of 188bet vietnam State and Government, Member of Party Central Committee, Vice Chairman of Communist Party of Vietnam’s Central Economic Commission, Party’s Committee Secretary, Group Chairman of Board of Council Tran Sy Thanh has delivered 188bet vietnam sincere thanks to 188bet vietnam presence of Prime Minister Nguyen Xuan Phuc and delegates from Ministries and Departments at 188bet vietnam conference, said that this was an encouragement to PetroVietnam and its employees. PetroVietnam is committed to fulfill 2019 targets and continue to going forward in bulding trusting and benefits for 188bet vietnam communities as it was over 188bet vietnam past time for sustainable development.