PetroVietnam President and CEO works with PVOIL leaders for 2021 business goal

17.04.2021

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On April 16th, 2021, a delegation led by PetroVietnam President and CEO Le Manh Hung had a meeting with PVOIL leaders on the implementation of the 2021 business and production plan.

The delegation also received the participation of PetroVietnam Vice President Le Xuan Huyen and Nguyen Van Mau, and representatives of the Group's professional divisions.

From PVOIL's side, the meeting were attended by PVOIL Chairman of Board of Management and Secretary of Party Committee Cao Hoai Duong, PVOIL President & CEO Doan Van Nhuom, members of the Board of Management, Board of Directors, and director of divisions, offices of the Corporation.

At the meeting, PVOIL's leaders reported the implementation of 2021 business plan of the Corporation. In the first 3 months of the year, the production and business situation became much better than a year earlier, exceeding the assigned plan.

Consolidated pre-tax profit was estimated at VND178 billion, equal to 178% of the quarter's plan, equivalent to 45% of the whole-year goal. Sales from the non-cash payment program - PVOIL Easy improved with an average output at more than 6,200 cubic meters per month, equivalent to output of 59 petroleum stations, up 14% over the same period of 2020.

Besides, the Corporation’s investment has been actively implemented well. In the first quarter, PVOIL opened 12 new petroleum stations, bringing the total number of retail outlets in the whole system to 602 stores. PVOIL also started producing gasoline based on RON 91 and DO from condensate supplied by PV GAS.

In second quarter and the remaining quarters of the year, PVOIL will maintain its operational orientation of following market developments and the Government’s instruction while maintaining reasonable inventories to minimize negative impacts on business performance when the world oil price falls.

PVOIL will also take full advantage of opportunities when the market is favorable and promote its retail system development, deploying application of 4.0 technology to diversify innovative business methods in order to improve operational efficiency and competitive advantage. It will proactively prepare plans to cope with the development of the COVID-19 pandemic to ensure the safety and efficiency of production and business.

Speaking at the meeting, PetroVietnam President and CEO Le Manh Hung highly appreciated PVOIL's business results in the first 3 months with high profits compared to the plan thanks to effective management and growth in several areas.

He affirmed that PVOIL's foremost important goal is retail development, expanding market share for sustainable development, creating stable output for the Group's oil refineries.

Mr. Le Manh Hung directed PVOIL to continue expanding its market, actively researching and forecasting the market to effectively manage production and business activities while promoting digital transformation associated with business restructuring. He advised the corporation to strengthen coordination with units to promote the value chain efficiency throughout the Group and strengthen inspection, supervision to ensure product quality and maintain the advantages of PVOIL brand.