PVOIL controls pandemic well, eight-month business damage minimized

14.09.2021

00:00/00:00

On September 13, PetroVietnam Oil Corporation (PVOIL) organised the 7th Conference of the Executive Committee of the Corporation's Party Committee to review the corporation Party’s activities, production and business in the first eight months of 2021.

The conference was chaired by Comrade Cao Hoai Duong, Secretary of the Party Committee and Chairman of the corporation. PVOIL President & CEO Doan Van Nhuom, who is Deputy Secretary of the Party Committee of the Corporation and members of the Executive Committee of the Corporation’s Party Committee attended the meeting.

The event also received participation of representatives from the PVOIL’s Board of Management, Board of Directors, Heads of unions, Heads of Divisions and Offices, and leaders of branches and subsidiaries.

This was the first time the Corporation’s Party Executive Committee organised an online form conference since several localities in Vietnam put under lockdown to prevent the Covid-19 pandemic.

During the conference, preliminary report on the Party's work, preliminary report on production and business activities and opinions expressed at the event agreed that the COVID-19 pandemic which have been reported in many localities posed huge challenges for the Corporation to realize the dual goal of “pandemic prevention and economic development”.

In the difficult situation, PVOIL continued maintaining operations to ensure jobs and incomes for employees. There was no employees of PVOIL lost their jobs due to the impact of the pandemic. PVOIL promptly applied pandemic prevention measures at offices, warehouses, and petroleum stations, ensuring safety for nearly 6,000 employees.

PVOIL have actively worked with the local authorities to offer Covid-19 vaccination for 87.5% of the total number of employees in the whole system. In addition, PVOIL has implemented several meaningful and creative social security activities, helping the Government, localities and communities to fight against the pandemic.

Regarding production and business, the demand for gasoline dropped sharply, especially in August when many provinces and cities implemented social distancing to prevent the Covid-19 pandemic.

Social distancing has directly affected the petroleum output volume of the business. PVOIL has actively built and implemented resolutions to respond to the development of the pandemic, enhancing business management, cost-saving and pandemic disease prevention. Thanks to the synchronous combination of the above solutions, PVOIL has minimized damage and got remarkably result in pandemic prevention at different levels of the corporation.

Main business results in the first 8 months: Total petroleum trading volume of the whole system was estimated at 1,980 thousand cu.m/ton, up 2.2% over the same period, completing 62.8% of the whole-year plan.

Consolidated revenue was estimated at 32,651 billion VND, completing 58.6% of the whole-year plan. State budget contribution was estimated at 5,760 billion VND, equivalent to the same period last year and completed 67.9% of the whole-year plan.

Consolidated pre-tax profit was estimated at 517 billion VND, completing 129% of the whole-year plan. Of the amount, parent company’s pre-tax profit was estimated at 452 billion VND, completing 151% of the year plan and subsidiaries’ pre-tax profit was estimated at 57 billion VND, completing 36% of the year plan.

PVOIL has actively developed business and production scenarios to respond to market developments under the influence of the Covid-19 pandemic and world oil prices change, said PVOIL President & CEO Doan Van Nhuom. He requested affiliated units and member units to coordinate with the Corporation to perform well the petroleum management to ensure uninterrupted petroleum supply and increase wholesale output to offset retail output in the context of social distancing and travel restrictions.

He asked PVOIL’s branches and subsidiaries to conduct strict control of debts, reasonable inventory management, in line with the adopted scenarios for the highest production and business result in 2021.

Concluding the Conference, Comrade Cao Hoai Duong - Secretary of the Party Committee, Chairman of PVOIL, on behalf of the Standing Board of the Party Committee and the Board of Management, recognized and highly appreciated the efforts of Board of Directors, Divisions, branches and subsidiaries in the timely formulation and implementation of effective solutions to overcome great difficulties and challenges, ensuring good implementation “double goals” in the context of the current very serious of the Covid-19 pandemic outbreak.

In particular, the Covid-19 vaccination campaign for employees was among great successes of PVOIL, creating peace of mind and safety for employees participating in the work. PVOIL has made good use of business opportunities, thus minimizing the negative impacts caused by the Covid-19 pandemic. The results of the prevention of the Covid -19 pandemic and the results of production and business in the first 8 months of the year were proud achievements of PVOIL.

Regarding the operation plan in the remaining months of the year, Comrade Cao Hoai Duong directed the Corporation and its units to reduce costs to minimize the negative impact of the pandemic on production and achieved business results. Based on the production and business scenarios of the Corporation, the units were asked to develop their own production and business scenarios, in line with the progress of easing social distancing measures in each market area.

Besides, he also requested the Corporation and its units to focus on implementing digital transformation and building an ERP business management software system at PVOIL under the direction of the Group and Resolution No. 89/NQ-DVN. September 13, 2021 of the Board of Management of the Corporation.

With the business results achieved in the first 8 months of the year and the business plan in the coming time, the leaders and employees of PVOIL believe that the Corporation will complete the production and business plan in 2021.