PVOIL Exceeds Multiple Targets in First Half of 2024

HO CHI MINH CITY, July 1, 2024 – The Executive Committee of the Party Committee of PetroVietnam Oil Corporation (PVOIL) held its 18th Expanded Conference today to review the Party's work and business operations for the first six months of 2024.

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

The conference was attended by members of the Party Committee, Board of Directors, Executive Board, Supervisory Board, Chief Accountant, heads of departments, Party leaders affiliated with PVOIL, and directors of subsidiary units.

The report on the Party's work in the first half of 2024 comprehensively assessed the leadership's achievements in fulfilling political tasks, production and business objectives, and Party-building efforts. The Party Committee also reviewed and directed the implementation of resolutions set forth at the 3rd Party Congress of PVOIL for the 2020-2025 term.

During the conference, the Party Committee disseminated and thoroughly understood the directives from the Central Enterprise Bloc's Party Committee regarding information combat, prevention, and handling. The PVOIL Party Committee emphasized the elevation of roles and responsibilities among PVOIL officials, party members, and employees in understanding and implementing Party guidelines, state laws, maintaining correct perspectives in propaganda activities, and appropriate conduct on social media.

In business operations, PVOIL not only met but exceeded all key performance targets for the first half of the year. Notably, petroleum product sales volume reached 2.8 million cubic meters/tons, surpassing the six-month plan by 109%. Consolidated revenue reached nearly 64 trillion VND, achieving 154% of the plan, while pre-tax consolidated profit reached 390 billion VND, meeting 106% of the plan.

PVOIL continues to enhance sales activities and increase consumption volumes, prioritizing products manufactured and blended by PVOIL. Retail sales through PVOIL outlets saw significant growth, up by 18% compared to the same period last year. In the first half of the year, PVOIL developed an additional 60 retail outlets, increasing the total number within the entire system to 807.

Digital transformation and ERP implementation have been actively pursued. Alongside existing digital platforms, PVOIL has launched a customer-facing application (PVOIL 4U). The corporation has actively engaged in domestic and international partnerships to invest in and develop non-fuel services at retail outlets to increase revenue, profit, and adapt to energy transition trends.

In his directives at the conference, Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board, acknowledged and highly evaluated the Party's work and business operations achievements of the entire corporation in the first half of 2024. He stressed the need for the entire system to exert further efforts towards the goals set by the Vietnam Oil and Gas Group and the leadership of PVOIL for 2024. In addition to achieving performance targets, he emphasized the evaluation of market trends by the corporation and its subsidiaries to effectively meet consumer demand for petroleum products. He encouraged proactive measures to increase retail sales at outlets, develop non-fuel services, invest in highway rest stops, and expand the Jet A1 aviation fuel business.

The Party Committee Secretary directed subordinate party committees to review and vigorously implement the resolutions and 2024 work program of party congresses at all levels, and to review and supplement the planning of party and managerial personnel to prepare for party congresses at all levels in early 2025.
Mr. Cao Hoai Duong attributed the corporation's recent achievements in Party work and business operations to unity and cohesion across the system. He called on every official and party member to continually raise awareness and actions to uphold PVOIL's spirit of solidarity, ensuring successful completion of tasks in 2024 and beyond.

PVOIL's President and CEO, Mr Doan Van Nhuom called upon all units within the system to intensify operational reviews and prioritize safety in production and business activities. He emphasized the critical importance of implementing robust fire and explosion prevention measures, proactively addressing and mitigating oil spill incidents, effectively managing risks, optimizing debt collection, and accelerating digital transformation initiatives, including ERP implementation. He further stressed the need to actively seek opportunities to expand the retail network and develop port and storage infrastructure to meet evolving market demands. Additionally, he urged swift market assessments and the launch of new products to maintain PVOIL's competitive edge.

Furthermore, the President and CEO underscored the significance of fostering a unified and collaborative culture across all leadership levels and units within the organization. He emphasized the power of collective effort in overcoming challenges, seizing business opportunities, and ultimately achieving PVOIL's overarching political and production goals for 2024.

Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Management, presided over the conference.

Mr. Doan Van Nhuom, Deputy Secretary of the Party Committee, President and CEO, presided over the conference.

Panorama of the conference.

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