Chairman of the Board of Members for Petrovietnam Hoang Quoc Vuong chairs the Conference.

In the reviewed period, the world economy continued in a downward trend and shrink in production. PMI indexes in all sectors fell. The Global PMI in August continued to drop to 50.3%, the lowest level in the past 26 months.

According to OPEC's forecast, the world economy will grow only 3.1% in 2022, lower than the previous forecast given in May of 3.5%. Inflation continues to remain high, especially in the Eurozone.

The international financial market is developing unpredictably. Central banks are maintaining tight monetary policies. Major economies continue to issue unpredictable policies.

Successful launch of the RC-10 rig superstructure at the Dragon drill.

Domestically, although the economy has many bright signs with an optimistic outlook, it will be difficult to carry out the two objectives of economic recovery and growth together with controlling inflation at the same time, given the impacts of import inflation, a shrinking global market, global commodity price shocks, and supply chain disruptions.

The direct impacts on Petrovietnam are unpredictable energy prices, reduced demand for fertilizer, and lower gas mobilization for electricity than planned.

With efforts to deploy effective solutions to respond to geopolitical and economic fluctuations and make use of the value chain, the Group has maintained stable production and trade the first 8 months of the year.

The management of mining output has been carried out with technical solutions/measures to increase output, and maintain the exploitation progress. Crude oil exploitation exceeded 23% of the 8-month plan, accounted for 84% of the 2022 plan, and was equal to the same period last year.

Crude oil imported for Dung Quat Oil Refinery.

The Group supplied 1.22 million tons of urea to the domestic market, exceeding 10% of the 8-month plan and making up 72% of the annual plan, up 9% over the same period.

It produced 4.56 million tons of petroleum (excluding the Nghi Son Refinery and Petrochemical Company), exceeding 8% of the 8-month plan and making up 74% of the yearly plan, up 5% over the same period, meeting the domestic demand.

The total contribution to the State budget reached VND 90.6 trillion, exceeding 40% of the yearly plan and increasing 45% over the same period last year. Along with the target of State budget payment, Petrovietnam has also reached total revenue targets and consolidated pre-tax profit of the whole Group.

In August production and trade management has closely followed tasks and targets. Investment projects have been well managed. On August 27, the first oil burning of Unit 2 in Thai Binh 2 Thermal Power Plant was completed. The implementation of value chains throughout the Group will continue to be evaluated while cooperation with domestic and foreign enterprises such as banks and large energy corporations further promoted.

Ca Mau Fertilizer Plant finishes 2022 general maintenance.

Chairman of the Board of Members of Petrovietnam Hoang Quoc Vuong emphasized important tasks maintaining and promoting the group’s position, role, and mission ensuring energy security for national development, and actively contributing to an independent and self-reliant economy under the direction of the Prime Minister.

Units will continue to review their work load in the last months of 2022 and the remaining years in the 5-year plan from 2021-2025, solving urgent problems. With many advantages in renewable energy (RE), especially the offshore RE industry, the Chairman of the Group proposed relevant units to develop specific strategies, programs, and action plans to take the lead in this field.

Petrovietnam General Director Le Manh Hung summarizes the Conference.

Concluding the Conference, Petrovietnam General Director Le Manh Hung gave the results of the Conference between the Prime Minister and leaders of ministries, sectors, and the Group, and their recognition and appreciation for the Group's business results.

The General Director asked for a strict implementation of the Prime Minister's directives – ensuring that there is no shortage of energy, especially petrol and oil; actively coordinating with relevant authorities to build institutions, mechanisms, and policies for the development of the industry, especially the Petroleum Law Project (amended); and focusing on research projects of offshore renewable energy.

Directing production and business activities, Petrovietnam General Director Le Manh Hung asked units to focus on analyzing and identifying the market, from now to 2023, which is forecast to worsen due to the consequences of instability, recession, and production contraction, leading to a decrease in consumption.

The Group's General Director directed the key tasks, including continuing to promote effective business management, especially catching up with global trends, forecasting markets, and managing fluctuations; Assessing the impact of monetary and fiscal policies, as well as changes in inflation and exchange rates on the Group's business and investment activities in order to adjust investment and business plans in the near future.

Song Hau 1 Thermal Power Plant is operating stably.

It’s necessary to monitor and identify global development in order to grasp opportunities to expand and promote international trade and service; Develop risk management plans from now until the end of the year; Strengthen portfolio management to invest in key projects and reduce the impact of inflation; Prepare for supply chain disruption; Manage tasks in a certain period and duration; Deploy connection chains in production, business, and investment; Promote long-term scientific research programs, especially CO2 projects as a basis for calculation in investment and market development.