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PV OIL exceeds business targets

PetroVietnam OIL (PV OIL) successfully organized a conference to summarize its operations in 2015 and to deploy its plans for 2016 on 25 December 2015 in Ho Chi Minh City, Vietnam.

Addressing the conference, PV OIL President & CEO Mr. Doan Van Nhuom emphasized that in 2015, PV OIL has exceeded most of its targets, especially profitability target, which has made remarkable strides compared to 2014. Total consolidated revenue was estimated at 49 trillion dong. Profit before tax was estimated at 600 billion dong. State budget contribution is estimated at 6 trillion dong, meeting 125% of the 2015 plan.

PV OIL President & CEO Doan Van Nhuom reports to the Conference

Total exports of crude oil and condensate in 2015 were estimated at 15.99 million tons with export value estimated at $ 6.6 billion. In 2015, PV OIL has strengthened and expanded the petroleum distribution in the Central and the North regions in order to ensure the optimal use of resources of domestic condensate exploited; oil production was increased by 2.6 times compared to 2014.

Currently, PV OIL has 10 stations of E5 blending with a total output of approximately 800.000 m3 E5 blending/year, the operating system is stable and fully meets the consumer’s demand of E5 use for the whole PV OIL system. It has 329 petrol stations selling E5 petrol in 52 provinces across the country, production and consumption were estimated at 145 thousand m3 E5, meeting 176% of the 2015 plan.

Concerning lubricants, with sales volume of 3.9 thousand tons, PV OIL maintained its steady business volume of products branded PV OIL Lube.
For the oil and gas business, in 2015, the situation of the oil and gas business continued to be difficult. However, PV OIL has actively implemented new business policies. PV OIL has developed domestic consumption, at the same time, ensured the target of sales restructuring through direct distribution channels. Output business throughout PV OIL system in 2015 is estimated at 3.2 million m3/ton of assorted petroleum, meeting 104% of the target. Specifically, total business volume in Laos in 2015 reached 98 thousand m3 / ton of petroleum; with significantly rising profits, it is expected to reach 98 billion, up 3 times of that of 2014.

PetroVietnam Board Member, Dinh Van Son awards certificates of merit from the
Ministry of Industry and Trade to PV OIL team

The restructuring and equitization preparation of PV OIL are strengthened. Party committee of the Corporation has directed the whole restructuring system to implement a comprehensive organizational apparatus, the capital restructuring, the restructured assets, etc and particularly closely guided the restructuring of Petec as well as the management of bio-fuel plants. PV OIL has made strengthening the organizational structure of the corporation authorities towards the improvement of the compact, efficiency and competitiveness.

Speaking at the conference, Mr. Nguyen Sinh Khang, Deputy General Director of PetroVietnam praised and recognized the efforts of PV OIL team; revenues, profits exceeded the annual plan, especially the consumption of products, providing crude oil to Dung Quat Oil Refinery. Mr. Nguyen Sinh Khang emphasized that in 2016, PV OIL should focus on completing the restructuring, especially the work of equitization.

Deputy General Director of PetroVietnam, Nguyen Sinh Khang provides guidance at the conference

PetroVietnam Deputy General Director, Nguyen Sinh Khang awards the emulation flags of outstanding units
of PetroVietnam General Director to 3 PV OIL units

On this occasion, 43 individuals with outstanding achievements in business operations were awarded the outstanding award; 13 teams were awarded the certificate of merit by the Minister of Industry and Trade. Three teams were awarded the emulation flags, 29 teams and more than 200 individuals received certificates of merit from the General Director of PetroVietnam.

PV OIL Vice President and Chairman of the Trade Union, Le Xuan Trinh launches
the competition movement for 2016

At the ceremony, PV OIL launched the emulation movement among the corporation for 2016 with the motto: "To promote the spirit of unity, strength and consensus, to overcome challenges and strive to complete the 2016 plan, contributing to the successful equitization of the Corporation".


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