PetroVietnam chairman praises PVOIL for its business effort and development strategy

30.12.2020

00:00/00:00

On December 29th, 2020, during a trip to units of the oil and gas sector in the Southern region, the delegation of Vietnam National Oil &Gas Group (PetroVietnam) led by Chairman Hoang Quoc Vuong, who is also Party Committee Secretary of the corporation visited PVOIL.

The delegation was accompanied by Board Members Dinh Van Son, Nguyen Hung Dung, and leaders of professional departments of the Group.

Receiving the delegation was Mr. Cao Hoai Duong, Party Committee Secretary and Chairman of the Board of Management of PVOIL, Mr. Doan Van Nhuom, PVOIL President & CEO, members of the Board of Management, the Board of Directors, the Supervisory Board; chief accountant, heads of departments, offices of the Corporation.

At the meeting, PVOIL Chairman Cao Hoai Duong, reported the Group’s chairman and the delegation the business results PVOIL achieved during the 2016-2020 period, plan for 2021, as well as the long-term development strategy. Proposals and recommendations for the Corporation’s further development were also made.

Accordingly, PVOIL successfully conducted an IPO on January 25, 2018 and the first General Meeting of Shareholders was organized on July 30, 2018. It has been a joint stock company from August 1, 2018 with PetroVietnam the major shareholder and some other shareholders.

In recent years, PVOIL have been always met and beaten business targets assigned by the Vietnam National Oil & Gas Group. In 2020, PVOIL had to operate in the extremely difficult conditions due to the double impacts from the Covid-19 pandemic and the decline in oil prices.

In disadvantaged conditions, PVOIL has beaten the targets on crude oil production output, sale, petroleum trading, and payment to the State budget. In particular, sales through retail channels at PVOIL's petroleum retail network remained stable, equivalent to 2019 achievements.

Sales volume through PVOIL Easy, a non-cash payment platform, continued to grow rapidly. The sale was estimated at 65,000 cubic meters in 2020. Averagely, the channel sold 5,416 cu.m each month, equivalent to the output of 51 petroleum stations.

The linkage with the largest electronic payment applications in Vietnam continues to be expanded, increasing convenience for customers. PVOIL Mobile, tank truck service to supply petroleum to customers’ place, continues to grow and prove its efficiency in the way of providing petroleum to customers.

In the coming period, with the opportunities and challenges determined, PVOIL has set five development orientations and solutions, including: Actively coordinating with other units in the sector to build production chain from processing, transporting and distributing petroleum products to optimize the overall efficiency of the Group.

PVOIL continues expanding the network of petroleum stations to improve business efficiency and create a land fund to facilitate conversion to other business areas when the demand for petroleum decreases.

Focus on developing non-petroleum business activities at petroleum stations (convenience stores, car wash, car repair, cafes, electric vehicle charging stations ...), following the current business model applied in advanced countries.

Deploying the application of 4.0 technology to diversify business activities to improve competitiveness. Implementing drastically and effectively the Restructuring Plan to enhance competitiveness, optimize the use of all resources, and improve operational efficiency.

At the meeting, PVOIL's leaders made a number of recommendations to the PetroVietnam leaders, with the expectation to have the Group's support in seeking authorities’ support to resolve some difficulties PVOIL is facing in business activities, investment and equalization settlement.

Speaking at the meeting, Mr. Hoang Quoc Vuong - Secretary of Party Committee, and Chairman of Board of Members of PetroVietnam, acknowledged and highly appreciated the efforts of PVOIL's leaders and employees in 2020 and the previous years. PVOIL has made all of its effort to minimize the damage caused by the Covid-19 pandemic and the negative impacts from the oil war.

PetroVietnam Chairman Vuong highly appreciated the initiative and activeness PVOIL adopted to improve competitiveness and operational efficiency from restructuring of member units. PVOIL was creative from effectively deploying of technology 4.0 into business activities with PVOIL Easy, PVOIL Mobile.

Vuong affirmed that PVOIL is a large unit of PetroVietnam. It plays an important role in ensuring energy security of the country, holding 2nd biggest market share in the market, with 600 petroleum stations across the country.
For the orientations, development solutions and recommendations of PVOIL, he basically agreed and suggested PVOIL continue to coordinate with the Group's professional boards to complete the contents and procedures for PetroVietnam’s Board of Members to approve and implement in the coming time.