PVOIL sets sights on multiple growth targets in 2023

In 2022, PetroVietnam Oil Corporation (PVOIL) became one of a few companies that overcame difficulties and challenges in a special year for the petroleum industry to achieve positive business results. The achievement established new records for production, revenue, and profit of the corporation. Based on the results achieved in 2022 and the tasks assigned by the Ministry of Industry and Trade, PVOIL organized a conference to deploy its business plan for 2023 on February 10.

The conference was attended by Mr. Cao Hoai Duong - Party Secretary and Chairman of the Board of Management of PVOIL; PVOIL President & CEO Doan Van Nhuom along with the participation of members of the Board of Management, Board of Directors of the Corporation, heads of departments and offices, subordinate units and the member units of the Corporation.

In 2023, PVOIL aims to achieve important targets of revenue growth, production growth, and market expansion. The PVOIL leaders considered these targets as challenging, given the forecast of lower crude oil and petroleum product prices compared to 2022.

Therefore, the conference focused on building, seeking, and proposing solutions to fulfill the tasks assigned by the Ministry of Industry and Trade and the Vietnam Oil and Gas Group.

At the same time, the conference also focused on analyzing and evaluating the impact of mechanisms and policies on petroleum production and business activities, especially the effects of the revision of Government Decree No. 95/2021/ND-CP on 01/11/2021 in the coming time.

In his directive speech at the conference, Mr. Cao Hoai Duong - Party Secretary, Chairman of the Board of Management of PVOIL, highly appreciated the outstanding achievements of the Corporation and its member units in an extremely challenging year for the petroleum industry in 2022. He affirmed that these results would be a precedent and momentum for the development of PVOIL in 2023 and in the following years.

Chairman Cao Hoai Duong also shared his views on the impact of the amendment to Decree 95/2021/NĐ-CP and updated and evaluated the results of the implementation of the 5-year plan for 2021-2025 of the corporation.

From there, he directed the focus on solutions to cope with changes, complete assigned tasks, and effectively utilize resources; implement digital transformation; expand scale and market; improve service quality, bring about changes for development; diversify services at gas stations; be ready to respond to and seize opportunities from the energy transition trend.

The conclusion of the conference saw PVOIL President & CEO Doan Van Nhuom gave specific instructions for the company's production and business activities, with a particular focus on solutions to achieve revenue and sales volume growth targets. He acknowledged that the targets and tasks assigned to PVOIL by the Group and the Ministry of Industry and Trade for 2023 were highly challenging, but expressed high determination and confidence in PVOIL's ability to overcome these challenges and fulfill its duties. Nhuom emphasized that PVOIL would make every effort to meet the expectations of the Group, shareholders, and investors, and achieve outstanding results to celebrate the 15th anniversary of the company's establishment.

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

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

PVOIL President & CEO Doan Van Nhuom concluded the conference.

Overview of the Conference.

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