PVOIL completes many important targets in the first 9 months of 2023

The Party Executive Committee of PetroVietnam Oil Corporation (PVOIL) conducted the fifteenth conference on October 12th, 2023, in Ho Chi Minh City, to summarize the Party's activity, production, and commercial operations in the first nine months of 2023.

Mr. Cao Hoai Duong, Secretary of the Party Committee, Chairman of the Corporation's Board of Management, and PVOIL President & CEO Doan Van Nhuom, also Deputy Secretary of the Corporation's Party Committee, presided over the conference.

Members of the Party Executive Committee of the Corporation, the Board of Management, the Board of General Directors, the Supervisory Board, the Chief Accountant, the President of the Trade Union, the Secretary of the Youth Union, and the Heads and Deputy Heads of the Corporation's Departments and Offices all attended the meeting. Secretary, Director of affiliated units, Secretary, Chairman of the Board of Directors/Board of Members, and Directors of member units of the Corporation also attended the conference.

Regarding Party work, the Party Committee of PVOIL has closely followed the instructions of the Party Committee of the Group in formulating and issuing resolutions and organizing the implementation of tasks in 2023. The performed Party works clearly demonstrated through specific results of production and business activities and Party building tasks.

In July, the Corporation's Party Committee and affiliated units’Party Committees held a mid-term review to evaluate the implementation of the Resolution of the PVOIL for the 2020-2025 term, determining leadership and direction tasks for the remaining period of the term.

In the first nine months of 2023, the Corporation's production and business activities were highlighted by the growth of the retail system and the exceptional increase in output of the petroleum industry.

PVOIL and its member units continued to encourage the search and capitalize on possibilities to add 81 new petroleum stations, accomplishing 159% of the year plan and increasing the total number of petroleum stations in the system to 736. The Corporation intends to have 750 gas stations by the end of 2023. In 9 months, the total petroleum commercial production of the complete PVOIL system reached about 3.8 million cu.m/ton, accomplishing 152% of the 9-month plan and 114% of the year-to-date plan.

In addition, the operating results of the restructuring units (merger, conversion from joint stock company to limited liability company) proved the right policy of PVOIL leaders and drastic implementation and initially achieved positive results.
PVOIL continues to support comprehensive technology application, automation, and digital transformation in order to increase business efficiency, improve customer experience, and gain a market competitive edge.

During the evaluated period, sales volume through PVOIL Easy reached over 95,000 cu.m, a 33% increase over the previous period, accomplishing 123% of the 9-month goal and 92% of the overall plan. The average sales volume was 348 m3/day, a 25% increase compared to the 2022 daily average.

PVOIL continued to promote the implementation of the PVOIL Easy Program, which integrates with Viettel Pay, GotIt, VCB, Momo, HDBank... to increase sales output through direct retail channels. Transaction output through these forms reached nearly 2,800 cu.m, accumulated in the first nine months of 2023 reached more than 20,000 cu.m, a two-fold increase over the same period, equivalent to the output of 18 petroleum stations.

In addition, the Corporation also continues to promote the use of PVOIL B2B for the wholesale channel to help modernize and create convenience for customers' petroleum trading.

To date, PVOIL has completed the installation and put into operation nearly 300 Vinfast electric vehicle charging stations at PVOIL petroleum stations nationwide. This cooperation is the first step in implementing a strategy for PVOIL to adapt to the current strong energy transition trend, making PVOIL a diverse energy supplier for vehicles, not only gasoline but also electric and hydrogen energy in the future.
With this potential for cooperation, PVOIL and Vinfast will also continue to look for suitable locations to expand the number of charging stations, meeting the development needs of both parties.

Addressing the conference, PVOIL President & CEO Doan Van Nhuom highlighted the results that the Corporation's affiliated units and member units have accomplished in a nine-month period. This result clearly demonstrates the initiative, flexibility, and efficiency in management and coordination between the Corporation and its units.

For the remaining 3 months, Mr. Doan Van Nhuom suggested member units to continue to look for specific solutions, taking advantage of all market opportunities to increase petroleum business output. Each member unit needs to work harder to actively contribute to the Corporation in completing and exceeding the planned targets for 2023 and the period 2021 - 2025.

Concluding the Conference, Mr. Cao Hoai Duong, on behalf of the Standing Committee of the Party Committee and the Board of Management of the Corporation, acknowledged and praised the efforts of the Executive Board and the organizations throughout the system. The outstanding results of the Party's work and production and business activities are vividly shown through indicators on petroleum business output, revenue, profit and development of the petroleum station system. These are exciting achievements and results of the entire system.

Mr. Cao Hoai Duong thoroughly understood that the world situation continues to have many rapid, complex, unpredictable, and unprecedented changes; negative and very serious impacts on the implementation of our country's socio-economic development goals and tasks.

Therefore, the Board of Management and units need to continue to promote production and business efficiency in the first 9 months of the year; ensure safety and fire prevention; Correctly evaluate the situation and developments of the world and domestic petroleum markets to have solutions to increase production, increase market share, and grasp market opportunities to exceed goals and plans. business in 2023.

Mr. Cao Hoai Duong, Secretary of the Party Committee, Chairman of the Board of Management of PVOIL concludes the Conference

PVOIL President & CEO Doan Van Nhuom, also Deputy Secretary of the Party Committee of the Corporation chairs the Conference

Overview of the Conference

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