Workers of the Binh Son oil refinery (Photo: VNA)Talking to Vietnam News Agency, Director General ofPetroVietnam Le Manh Hung said as one of the largest enterprises in the country,the firm operates in five main areas, namely oil and gas exploration and exploitation,the gas industry, the electricity - renewable energy industry, petroleumprocessing, and petroleum technical services.
Its key products serveessential needs during socio-economic development, including crude oil, fuelgas, electricity, oil, and fertiliser.
He said as a specialised firm with the double role of representingthe State to manage oil and gas-related activities and operating under themarket mechanism, PetroVietnam has always worked to ensure timely adaptation to uncertainties and capitalise on development opportunities. Leaders of its subsidiaries haveproactively made forecasts, built scenarios, and aligned production andbusiness plans with the reality.
Despite impacts of theCOVID-19 pandemic, the firm fulfilled the targets for 2020, with total revenuetopping 566 trillion VND (23.9 billion USD at the current exchange rate), 83trillion VND contributed to the State budget, and over 19.9 trillion VND inconsolidated profit.
In 2021, its total revenuestood at over 640 trillion VND, budget contribution 112.5 trillion VND, andconsolidated profit almost 52 trillion VND - the highest since 2015.
The year 2022 is predicted tobe a new milestone of the group in terms of financial, production, and businessperformance, he noted.
Since the beginning of 2022, thecrude oil output has exceeded the annual target by 22%, equivalent to that inthe same period last year, thanks to the application of governance measures andscientific and technological advances.
Director General of PetroVietnam Le Manh Hung (Photo: VNA)Besides, earnings frombusiness activities in international markets have also contributed to the fastgrowth in revenue and financial figures in the first seven months, Hung said.
The executive added that amidthe Fourth Industrial Revolution that is taking place strongly, digitaltransformation holds strategic importance to every enterprise to improve theiroperational efficiency and competitiveness.
PetroVietnam set up asteering board for digital transformation in 2019 and hired consulting firms todraft a digital transformation vision and strategy. The group has finishedbuilding the vision with a long-term overall roadmap, expected to step up itsbusiness model change and digital transformation.
It has managed to digitaliseall processes and database while applying artificial intelligence to thegovernance system optimisation, data analysis, plan making, and management andmaintenance of industrial factories, he went on.
Hung pointed out that adversefactors are forecast for the remaining months of 2022 such as declined oilprices, low demand in the market, and global economic recession. In particular,big economies like the US, China, and the EU are likely to experience surginginterest rates and inflation while the Russia - Ukraine conflict continues,which will result in narrowed production, contracted exports, and shrunkendemand for power and gas.
Given this, PetroVietnam willhave to push ahead with uncertainty governance, build backup plans, andcapitalise on chances to achieve the highest possible production and businessresults in 2022 and gear up for next year, he noted.
In addition, the DirectorGeneral said, it will keep good governance over the production system andfinancial affairs, speed up major projects like the Thai Binh 2 thermal powerplant so that this plant can become operational this year.
For 2023, the group willcontinue consolidating and reforming governance activities, with a focus onuncertainty governance and digital governance, boost the capitalisation ofresources to strongly invest in major projects, and expand internationalinvestment and business ties, focusing on Southeast Asia, Russia, the MiddleEast, and North America, according to Hung./.
VNA
