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Petrovietnam organized the conference to summarize the work in 2015 and plan for 2016


Attending the meeting were Mr. Hoang Trung Hai, member of the Party Central Committee, Deputy Prime Minister, Head of the State Steering Committee directing the key oil and gas projects; Mr. Vu Huy Hoang, member of the Party Central Committee, Minister of Industry and Trade and the leaders of the Committees, the Central Party Office, Office of the President, Office of the Government, heads of ministries and departments, Central authorities, Party Committee of Central enterprises and economic groups, partner units.


Regarding Petrovietnam were Mr. Nguyen Quoc Khanh, Acting Party Secretary, Acting Chairman of the Board of Directors, President and the members of the Board of Directors, leaders of departments, offices, leaders of political and social organizations, leaders of the member units of Petrovietnam, the former leaders of Petrovietnam over the periods and nearly 1,000 delegates attending the Conference.


In the extremely tough and fierce context as of 2015, the decline in oil prices to the lowest level in more than a decade has caused negative consequences, even with the international strong oil and gas companies.


However, the close attention and direction of the Party and the Government, the active support of the relevant central and local ministries, branches and mass organizations, with high determination, proper orientation and timely and decisive direction solutions and management, the solidarity creating synergy for PetroVietnam to actively overcome all difficulties, storms, successfully complete the targets and tasks of production and business and industrial values, contributing to macroeconomic stability, ensuring energy security of the country.


sa n sa ng vuo t qua tha ch thu c nam 2016

Acting Party Secretary, the Acting Chairman of the Board of Members, General Director of the Group Nguyen Quoc Khanh

summarized 2015 and set orientations for 2016


As reported by Mr Nguyen Quoc Khanh, the Acting Chairman of the Board of Board of Directors, President of Petrovietnam, increase in oil and gas reserves in 2015 completed the yearly plan before 2 months, reaching 40.5 million tons of oil equivalent, exceeding 8.0% of the target; Total production of oil exceeded the yearly plan, reached 29.42 million tons of oil equivalent; Total revenue of the Group in 2015 reached 560.1 trillion VND, equaling 114.0% of the annual plan; Contribution to the State budget in 2015 of the Petrovietnam achieved 115.1 trillion VND, equal to 119.8% of the yearly plan. The other basic indicators as consolidated revenue, total profit after tax, total assets, capital preserving ratio, rate of return after tax/ average equity and the debt / total asset of the Group and parent company are achieved and exceeded the plan.


The other tasks such as scientific research and training, safety, health, environment, inspections and legal affairs are done well; maintain jobs for the units in the Group, income stability for employees; implement corporate culture - "Culture of Petrovietnam". In parallel, the Group actively perform its social security (the total value of implemented social security in 2015 was of 676.5 billion VND, or 135.3% of the year plan); ensure energy security, food security, and actively participated in the protection, and the national security and sovereignty at sea; Working to expand operations abroad has actively deployed with significant contribution to promote the image of Vietnam in the region and in the world, making practical contributions to building and defending the Fatherland.


In particular, in 2015, completed the Development Strategy for Petrovietnam and strategic development of the Group in 2025 and further to 2035, the Politburo approved on 23-7-2015 (Resolution No. 41-NQ/TW) and on 14-10-2015, the Prime Minister has approved the development strategy for Vietnam Oil and Gas industry and strategic development of the Group in 2025, vision to 2035 (Decision No. 1748 / QD-TTg and Decision No. 1749 / QD-TTg).


Before the economic and financial changes of the world and in the country, Petrovietnam may stand firm and maintain the pace of business and production is because the leaders of group are united with effort, endeavor, determination to complete the assigned tasks of training officers and staff across the Group, with the young labor force who are basically trained professionals capable of absorbing rapid technological knowledge, new technology and really enthusiastic, sticking with career to contribute to the overall success of the Group.


Petrovietnam has established a dynamic and creative working environment, employees have the opportunity to develop, preferential regimes, employees are proud of the petroleum industry, always give the maximum positive intellectual dedication and effort to implement the tasks assigned. Petrovietnam has performed well in developing internal resources, driven oil services to grow year after year. Petrovietnam has successfully converted to operate as an economic group, complete the political system of the sector.


Thus, asset size, capital of the Group significantly increase, built and accumulated resources rapidly both in the infrastructure, facilities, equipment and technology, the management level , capacity of staff... in the recent years, the size and scope of activities of Petrovietnam were significantly improved, competitiveness is improved, overseas operations are expanded, proactive in international economic integration, intensive investment, applying new technologies. The Brand of Petrovietnam has been confirmed its domestic position and enhanced its position in the international oil and gas community.


We can say that, Petrovietnam in 2015 and in the period 2011-2015 has achieved many significant achievements; Petrovietnam confirms to be the economic pillar, the top of the country; efficient production and business activities, contributing greatly to the Budget, for economic and social development of the country, maintain good pace of development of production and business, total sales reached a high growth rate (10%/ years). Especially in 2011 – 2015, State budget collection has been difficult, the Group contributed to the state budget 214.1 trillion VND - equivalent to about 10.1 billion VND higher than the Annual plan of the Government.


To date, Petrovietnam has significantly comprehensive and intensive growth built the petroleum industry chain that is complete, synchronous from searching, exploration and exploitation to transportation, processing, storage, distribution, and export and import services.


In order to succeed, the role of Party organizations, trade unions, political and social organizations in the Group has always maximized the synergy.


Petrovietnam Standing Vice President Nguyen Quoc Thap presented at the conference


Entering 2016, the global economic situation are witnessing complex movements, sharp decline in crude oil prices since October, 2014 up to now and these days, they are falling around 33 USD / barrel, approaching the costs, in particular, it would be highly uncertain after the United States lifted a ban on exports of crude oil, while Iran prepares huge increase in the supply of the world...


Domestically, domestic demand plummeted, large inventory, export and import of goods from Vietnam are directly influenced from the fluctuation of strong currencies (RMB, USD, and EURO).... A background with difficulties has affected the production and business activities, investment of the Group. The domestic exploration and exploitation of oil and gas are difficult, greater risk costs and the East Sea situation is more complex. The expansion of exploration and exploitation of oil and gas abroad requires huge capital; good mines are scarce and fierce competition from major oil and gas companies worldwide.  Petrochemical and thermal coal projects with high capacity demand for huge capital but weak attraction. Scientific staff has gradually grown but still a lack of professionals, leading scientific officers.


Petrovietnam Vice President Le Manh Hung presented at the conference


Besides, the consumption of new products (synthetic fiber, Ethanol) continued to be difficult due to low domestic market demand, the current policies are not mandatory enough for the society to use environmentally friendly fuels. Oil and gas service market plummeted, the service units have difficulty in expanding and looking for markets, affecting the employment of worker...


To successfully implement the tasks and targets set out in 2016, Petrovietnam has plans in 2016 and the action program of the Group to perform Government Resolution on the main solutions directing the implementation of plans for economic - social development and state budget estimates in 2016 in consistent with the actual conditions of the Group and the units. Concentrating on steering the units, and frequently conducting inspection and supervision of the implementation of tasks and solutions to complete business plans in 2016.


Petrovietnam will observe developments in oil prices in 2016 to direct and have timely solutions to cope with the volatility of oil prices from time to time in 2016 with many different scenarios, review and focus on directing, reducing management costs, lowering product costs; applying scientific and technological solutions, new technologies, improving the efficiency of production and business; strengthening risk management; continuing to consolidate and strengthening the market forecasts to actively balance the rational exploitation output of each mine compared with costs; appropriate coordination between mining productivity, export and processing to ensure efficiency between: GDP growth targets, the state budget revenues of the government, ensuring energy security and efficiency of Petrovietnam and implementation of synchronized financial solutions from balance of capital, cash flow for investment demand in developing, production and business to cope with fluctuations in crude oil prices in 2016.


The important task will continue to be implemented as the corporate restructuring, focuses on capital investment in projects in the main production and business of the Group, the projects completed in 2016; proactively stop or extend projects that are not really urgent, economic and social efficiency are not high. Steering units classify and arrange the order of priority investment projects, ensure efficient use of capital and investment in the key sectors, not to invest in projects that cannot afford to arrange capital with low efficiency. Continue implementing of the promotion and development of markets for new products (fiber, bio-fuels). Proactively and actively coordinate closely with relevant agencies in the implementation of production and business activities and investment of the Group, especially in the exploration and exploitation of oil and gas in the deep seas, the off-shore areas in order to strengthen the presence and sovereignty of Vietnam in fact, contributing to firmly safeguard the national sovereignty and territorial integrity in the East Sea and islands.


Petrovietnam Vice President Nguyen Hung Dung presented at the conference


In the period ahead, determination to implement Resolution No. 41-NQ / TW of the Politburo on Development Strategy for Oil and Gas industry of Vietnam and strategic development of Petrovietnam in 2025 and further to 2035, ensure sustainable and synchronous development goals for the Group, strong human resources, finance and science -   technology, high competitiveness and active international integration, the core unit leading to the other economic field to develop, an important contribution to building and defending the Fatherland.


Speaking at the conference, on behalf of the Party and State leaders, Deputy Prime Minister Hoang Trung Hai acknowledged the effective leadership and direction of leaders and the effort of all officers and employees of Vietnam Oil and Gas Group in 2015 and the past years.



sa n sa ng vuo t qua tha ch thu c nam 2016

Deputy Prime Minister Hoang Trung Hai gave speech at the conference


Deputy Prime Minister praised and appreciated Petrovietnam’s obtained achievements and agreed with the solutions of mission accomplishment in 2016.  Deputy Prime Minister emphasized that Petrovietnam should follow the petroleum situation and actively forecast oil prices in 2016 to regularly consider and adjust the plan in time, mitigate its impacts at the lowest level; continue to set up the cost reduction program; promote application of new science and technology solutions; delivery output from mining, exporting and processing to ensure economic efficiency. Deputy Prime Minister admitted the recommendations and proposals of Petrovietnam and proposed Petrovietnam to work with the Ministry of Industry and Trade and the Ministry of Finance to consider and submit to the Prime Minister.


Deputy Prime Minister also suggested Petrovietnam and the Ministry of Industry and Trade completing the Development Plan of Vietnam Oil and Gas Industry by 2025 and vision to 2035; actively and closely cooperating with the agencies, the Ministry of Defense, Ministry of Foreign Affairs in improving production and business of the Group in line with the protective plan of national security, sovereignty, sovereign rights, jurisdiction on the South China Sea. It is nescessary for Petrovietnam to propose mechanisms encouraging exploration affecting the energy security as well as our sovereignty in the South China Sea if investment in this activity is mitgigated. Petrovietnam should design a plan for improving the management quality. Another problem is that while the oil and gas industry acts as a sector with high technology, science and management qualification with many appreciated engineers overseas, the employment of talents is not efficent. Take the training, the use  talents in consideration as they are important not only to this industry, the Group, but also to the country; we will lose a great potential source if Petrovietnam does not set up a standard mechanism for the training and use of talents.


Deputy Prime Minister hopped electricity, petroleum, coal sectors owned by the state to be the leading groups in the energy, investment and development, technology and alternative energy as wind and solar power... considered as an important strategy of the Government in the coming time.


Mr. Nguyen Quoc Khanh, Petrovietnam Acting Party Secretary, Acting Chairman of the Board of Directors, President apprehented guidances of the Deputy Prime Minister, expressed his gratitute to the leaders of Party and State for the Group and committed together with the leadership, employees to improve the achievements, overcome all difficulties to complete all mission from the State Party.


sa n sa ng vuo t qua tha ch thu c nam 2016

By the order of the President, Mr.Hoang Trung Hai, Deputy Prime Minister awarded the First-class National Defense Medal for Vietnamese-Russian Vietsovpetro Joint Venture


sa n sa ng vuo t qua tha ch thu c nam 2016

Mr.Hoang Trung Hai, Deputy Prime Minister arwarded Excellent Emulation Flag of the Gorvement

for the collectives with outstanding achivements in 2015


Mr. Cao Quoc Hung, Deputy Minister of Industry and Trade arwarded Excellent Emulation Flag of the Ministry of Industry and Trade for the collectives with outstanding achivements in 2015


Mr. Nguyen Quoc Khanh, Petrovietnam Acting Party Secretary, Acting Chairman of the Board of Directors, President awarded the title of typical entrepreneurs, managers of Petroleum for some individuals


Mr. Pham Xuan Canh, Standing Deputy Secretary Petrovietnam

awarded the title of typical entrepreneurs, managers of Petroleum for some individuals


Mr.Phan Dinh Duc, Member of the Board of Directors & Mr.Nguyen Quoc Thap, Standing Vice President, Chairman of the Patent Council awarded Prize of Vietnam Petroleum Science and Technology for the representative of authors



Mr. Dinh Van Son and Mr. Phan Ngoc Trung, Members of the Board of Directors

arwarded the Certificate of Initiative at Group level for the representative of authors


At the meeting, leaders of the Party, State, Ministry of Trade and Petrovietnam awarded many honors for groups and individuals with outstanding achievements in 2015 such as First-class National Defense Medal for Vietnamese - Russian Vietsovpetro Joint Venture; Emulation Flag of the Gorvement for 13 units; Emulation Flag of the Ministry of Industry and Trade for 39 departments, units, the title of typical entrepreneurs, managers for 20 individuals, the title of typical young entrepreneurs, managers for 9 individuals, The 1st Prize of Vietnam Petroleum Science and Technology for 14 works, complex of works and Certificate of Initiative at Group level for 11 works.

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