PVOIL reviews business results in the first 6 months of 2020

20.07.2020

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On July 17, 2020, PetroVietnam Oil Corporation (PVOIL) held a conference to review the production and business activities in the first half of 2020.

The conference was attended by the corporation’s Board of Management, Board of Directors, and more than 200 employees representing for PVOIL’s offices, subsidiaries, and branches.

At the event, the corporation’s leaders analyzed and assessed factors affecting production and business activities in the reviewed period. PVOIL suffered a double impact from the COVID-19 pandemic that caused the drop in petroleum prices and gasoline demand. In this context, PVOIL strengthened its business management by implementing solutions on cost reduction and pandemic prevention.

Thanks to the synchronous combination of the solutions, PVOIL has minimized losses in the disadvantage business conditions. In addition to control for the lowest losses, PVOIL successfully maintained jobs and salaries for employees. No employee of the corporation had their job lost due to the pandemic.

Concluding the conference, PVOIL President & CEO Cao Hoai Duong acknowledged and thanked the efforts of leaders, employees in the system who had tried their best to overcome the difficult time during the past six months. There are units maintaining business with profits.

President & CEO Duong recommended leaders of subsidiaries to seriously review and evaluate the operation results in the 6-month period. For remaining months of 2020, he encouraged subsidiaries to lay maximum efforts to overcome difficulties and challenges, operate reasonable purchases and inventory.

On this occasion, PVOIL organized the conference entitled "Safe and efficient operation of warehouses". PVOIL is the leading petroleum business in the country. In addition to the retail distribution system nationwide, PVOIL has a system of petroleum storages with nearly 30 petroleum depots across the country. Over the past years, safety and fire safety have been given special attention.

At the conference, representatives of petroleum storages presented 3 main topics including security, fire safety; technical innovations and improvements at petrol depots; operation of exploitation and improvement of service quality at PVOIL petroleum depot.

Teams introduced the workshop much knowledge, experience and practical situations summarized after years of managing and operating the port system. Several initiatives and technical improvements of the units have brought high efficiency, helped reduce costs and could be widely applied throughout the system.

In recognition of the working spirit and performance of employees at the storages, the corporation’s leaders praised PVOIL Nha Be, PVOIL Dinh Vu, PVOIL Quang Ngai,Vung Ro Storage - PVOIL Phu Yen, PETEC Hai Phong Storage, Bac Giang Storage - PVOIL Hanoi, Lien Chieu Storage – PVOIL Mien Trung.

Speaking during the seminar, Mr. Le Van Nghia, Member of the Board of Management and Mr. Nguyen Anh Toan, Vice President of the Corporation shared the opinion that the petroleum storage system plays an important role in the production and business activities of PVOIL. The operational efficiency and safety at petrol depots directly affect the supply of goods to petroleum retailers.

The seminar is an opportunity for petroleum storages’ staffs to share experience and understand better the nature and operation of petroleum depots. Thanks to the event, units coordinate and support each other to increase efficiency throughout the system.

The Corporation’s leaders recognized the safety in daily activities at the petroleum depots thanks to the responsible, serious and continuous performance of the employees.

After the workshop, leaders of units need to acquire, disseminate and multiply solutions, innovations and technical improvements so that petroleum depots continue to contribute to the production and business efficiency of PVOIL.