Petrovietnam's CEO meeting for July, 2022.

The company pumped nearly 5.5 million tonnes of crude oil in the reviewed period, surpassing the set target by 23%.

Its revenue in the first 6 months was estimated at 20 billion USD, up 55% year-on-year and double the goal set for six months.

This is considered a remarkable achievement in a context of global geopolitical and economic instability, caused by the conflict in Ukraine, rising inflation, and China's Zero COVID policy. 

These results are attributable to effective management of fluctuations and taking advantage of market opportunities.

Petrovietnam employees are among the pioneers in innovation.

At a meeting of the group for July, General Director Le Manh Hung said Petrovietnam faced numerous difficulties as the prolonged Russia-Ukraine conflict has caused disruptions to supply chains, pushing up prices of energies and materials, as well as transport and production costs.

Besides, existing oil and gas fields have seen big reductions in output while the exploitation of new ones is hindered by mechanism-related issues.

Given such difficulties, the group has undertaken a series of measures to maintain output and stable operation, including the application of information technology, Mr. Hung noted.

Petrovietnam has concentrated its resources in order to accelerate the progress of investment projects and obtained positive results. The Song Hau 1 Thermal Power Plant which is put into commercial operation on May 13 is an example.

In the second half, Petrovietnam will continue updating, evaluating and forecasting the macro-economic situation to develop operation plans, solve difficulties and actively find solutions to maintain the output, ensuring it is not lower than in 2021. It will expand consumption markets while promoting the implementation of linkage chains.

It will also enhance digital transformation, creating positive changes in business and governance models, thus improving operational efficiency, General Director Hung said.

The RC-RB1 base is launched on June 28, 2022.

To maintain operational efficiency in the coming months, Hoang Quoc Vuong, Petrovietnam’s President asked the group's staff to continue making efforts to retain production, increasing the company's contribution to the country's economy in the context of the decline in many other economic sectors.

He also urged member units to ensure safety in production and business; promote investment and increase production; closely monitor and secure key projects.

In 2021, Petrovietnam was named  among three biggest companies in Vietnam behind Samsung Vietnam and Vietnam Electricity (EVN), according to the VNR500 rankings unveiled by Vietnam Report JSC.