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, 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% compared to 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% compared to the same period.

Regarding financial indicators, the total revenue of the Group is estimated at VND602,165 billion; the contribution to the State budget is estimated at VND83,013 billion. Notably, in the consolidated revenue structure of the past 7 months, Petrovietnam recorded VND5,204 billion in revenue from new products from science and technology development, innovation and VND67,365 billion 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% compared to 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 term 2025-2030

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 industry 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 drivers 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 every week and every day to achieve the set goals. First of all, closely assessing the international and domestic situation, especially risks, from which to accurately calculate 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 noted that it is necessary to expand international business markets to avoid dependence on the domestic market, thereby leading to growth in revenue and production. At the same time, it is necessary to strengthen the management of capital, assets, cash flow and costs at an optimal level. In addition, it is necessary to focus on streamlining the apparatus, improving the quality of human resources, and 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