The outstanding stamps of PVN in 2018

1. PVN has basically completed the arrangement and streamline of the parent company's apparatus, as the first.

enterprise to complete the merger of the Party committees with the professional committee with similar tasks. Restructuring the organizational and personnel executive apparatus of the PVN is an urgent requirement to strengthen and improve management efficiency in accordance with the demands of the new situation for meeting the development goals of the Group in the next stages.

PVN has completed and issued the Petroleum Cultural Handbook in which for the first time, the Professional Ethical Codes of leaders and managers of PVN are stipulated in a specific way. The Oil and Gas Flame has been passed from generation to generation to create the Petroleum cultural character that must be respected, preserved and developed by the Petroleum people

2. In 2018, PVN has exceeded the production and business plan, especially in the targets of increasing reserves, exploiting output of oil and gas, and financial indicators. The most of the targets assigned by the Government in 2018, PVN has exceeded the plan.

As in concrete: the total oil and gas production reached 23.98 million tons of oil equivalent, exceeding 5.0% of the year plan. Nitrogen fertilizer production is estimated at 1.63 million tons, exceeding 5.7% of the year plan. The total turnover is estimated at VND 626.8 billion, exceeding VND 96 trillion, equivalent to 18.1% of the year plan, up 25.9% compared to 2017. The state budget payment is estimated at VND 121.3 trillion, exceeding VND 47.5 trillion, as well as 64.3% of the year plan, up 24.3% compared to 2017.

3. Three enterprises have been successfully equitized as: PetroVietnam Power Corporation (PV Power), Vietnam Oil Corporation (PVOIL) and Binh Son Refinery and Petrochemical Joint Stock Company (BSR). These equitized enterprises have a large capital scale of PVN with a State-controlled capital contribution value determined by the Audit Company as VND 89,000 billion. Through the successful Initial public offering (IPO) of these 3 enterprises, PVN has collected VND 16,500 billion, surplus of state capital VND 7,500 billion. Including the value of equitization and divestment of state capital, PVN has collected 18,600 billion dong. After equitization, the production and business activities of these enterprises are prospered.

4. Nghi Son Petrochemical Refinery Complex has been officially commercially operated. With a total investment value of up to 9 billion USD, the processing capacity of 200,000 barrels of crude oil per day (equivalent to 10 million tons of crude oil per year), Nghi Son Petrochemical Refinery Complex one of the Vietnam national oil and gas key projects along with BSR will meet more than 80% of domestic gasoline demand. That has an important meaning on ensuring the national energy security, reducing dependence to imported gasoline.

5. Some weak projects (Dinh Vu Polyester Fiber, Dung Quat Bio Ethanol, Binh Phuoc Biofuel Plants) have had actively changes.

After more than half a year of operating again, PVTEX has launched 2,200 tons of good quality DTY yarn products trusted by customers; Dung Quat Bio Ethanol plant has been started again with a stable operation and good quality of products; Binh Phuoc Biofuel Plant has been completed with maintenance and ready for operation again.

VietnamEnergy.vn