PVOIL’s consolidated revenue exceeds 100,000 billion VND for the first time

On December 22 in Ho Chi Minh City, PetroVietnam Oil Corporation (PVOIL) held a conference to summarize the Party's work, production, and commercial operations in 2022 and the Employee Conference 2023.

Attending the Conference were Mr. Le Manh Hung, Deputy Secretary of the Party Committee, CEO of the Vietnam Oil & Gas Group, Mr. Bui Minh Tien, Member of the Party Committee's Standing Committee, Member of the Group's Board of Members, and Mr. Le Xuan Huyen, Member of the Party Committee's Standing Committee, Deputy General Director of the Group.

Present as guests were Mr. Huynh Nguyen Bach Tuyen, Deputy Director of Nghi Son Refining and Petrochemical Product Distribution Branch, Mr. Nguyen Viet Thang, Deputy General Director of Binh Son Refining and Petrochemical Joint Stock Company.

The conference was chaired by PVOIL President & CEO Doan Van Nhuom, who is also Deputy Secretary of the Party Committee of PVOIL, Mr. Vo Khanh Hung, Deputy Secretary of the Party Committee and Deputy CEO of the Corporation, and Mr. Doan Duy Cong, Chairman of the Corporation's Trade Union; with the involvement of the Executive Committee of the Party Committee, the Board of Directors, the Board of General Directors, the Supervisory Board, socio-political groups, and 280 elected representatives representing all PVOIL employees.

The Conference reports emphasized that, in the extraordinary context of 2022, PVOIL's leaders and employees promoted a high sense of responsibility and effort; working together, being united, seizing every opportunity, and is determined to overcome difficulties and challenges in order to achieve and exceed the Group's tasks and targets.

PVOIL has taken advantage of market possibilities and has had a significant increase in company production since then, reaching 4 million m3 of petroleum of all types, completing 127% of the year plan, and expanding by 27% compared to PVOIL implemented in 2021.

Well-implementing the Petrovietnam value chain with PV GAS, BSR, and PVNDB units, contributing to PVOIL ensuring an adequate supply of goods for the entire system during periods of scarcity of petrol and oil, while conducting business activities, performing political tasks, and stabilizing the petroleum market.

PVOIL exceeded its financial targets for the first time, with consolidated revenue over 100,000 billion VND, fulfilling 223% of the year plan. Consolidated profit before tax is expected to be VND 763 billion, accomplishing 153% of the year target, despite a big loss in the third quarter when oil prices fell dramatically and supply was short, but PVOIL still had to maintain uninterrupted sales.

Besides, digital transformation, IT applications, and automation have been actively deployed in all fields of production and business activities, administration, and management; restructuring work has been drastically implemented; proactively adapting to the energy transition trend, taking full advantage of available advantages of petroleum distribution infrastructure, etc.

Mr. Le Manh Hung, Deputy Secretary of the Party Committee and CEO of the Vietnam Oil and Gas Group, praised PVOIL for its great performance in the Party's leadership and commercial operations in 2022. That is reflected in the Conference's mood, the photographs of the attendees, and the excellent reports and presentations delivered at the Conference.

The Group's CEO acknowledged that PVOIL has participated in ensuring energy supply and demand; contributes to ensuring national energy security and is an important link in the business complex of Petrovietnam; helping the Group's business activities from production, and processing to distribution be carried out safely, stably and efficiently.

Simultaneously, through its business structure, PVOIL has conveyed Petrovietnam's culture and brand to the market, customers, and the wider Vietnamese people. PVOIL contributes significantly to Petrovietnam's total business performance in 2022; in particular, the targets for petroleum trading volume and consolidated revenue are quite outstanding.

Mr. Le Manh Hung agreed with the key tasks set by PVOIL; at the same time, ask PVOIL to constantly aspire, towards goals higher than the results in 2022; synchronously deploying solutions in forecasting, management, and administration of production and business activities; continuing to care for workers' lives and incomes; strengthening the Party's leadership methods, focusing on inspection and supervision.

Mr. Doan Van Nhuom summarized the Conference; reviewed the exceptional results as well as the Corporation's shortcomings in 2022, as well as the strategy and major duties in 2023; Mr. Doan Van Nhuom expressed his deepest thanks for the Group's leaders and departments' close attention, guidance, understanding, sympathy, and enthusiastic support; the enthusiastic and effective cooperation and assistance of the Group's member units and PVOIL customers; and the solidarity, consensus, efforts, enthusiasm, and contributions of PVOIL employees in all fields, in all working positions, in all parts of the country and abroad.

Mr. Doan Van Nhuom said that, while the work would be difficult, PVOIL's leadership team and employees will do their best to carry out the Group's leaders' instructions in concrete actions, determined to carry out production, business, and political duties set by the Group.

Mr. Le Manh Hung, Deputy Secretary of the Party Committee, CEO of the Vietnam Oil & Gas Group directed at the Conference

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

The Presidium of the Conference

Mr. Le Manh Hung - Deputy Secretary of the Party Committee, CEO of the Vietnam Oil and Gas Group and Mr. Doan Van Nhuom - Deputy Secretary of the Party Committee, CEO of PVOIL presented prizes to outstanding teams in 2022.

Overview of the Conference

PVOIL News