Hanoi (VNA) 🐟– The Vietnam Oil and Gas Group (Petrovietnam) has made remarkable achievements, surpassing assignments excellently and ensuring safe and stable production and business, importantly contributing to stabilising the market and ensuring national energy security.

By effectively implementing management solutions, especially in managing fluctuations, operating flexibly, and leveraging the role of the value chains, it demonstrated great performance in both production and business, especially during the past two challenging years. In 2022, Petrovietnam’s production and business targets in five areas were completed, growing by 3% - 26% compared to 2021. The group’s total revenue hit 921.2 trillion VND (over 36.24 billion USD), exceeding the annual plan by 67%, and up 48% year-on-year, setting up many new records in its 61-year history of formation and development. Petrovietnam has significantly contributed to stabilising the macroeconomy and market, and increasing the export turnover. The group's total revenue is equivalent to nearly 9.8% of the country's GDP, and its contribution to the State budget accounts for 9.5% of the national budget revenue.

Petrovietnam's oil refineries are operating at maximum capacity, meeting over 75% of the nation's demand for petroleum products, playing a crucial role in ensuring supply and stablising the market. In the year, many delayed and long-standing troubled power projects were re-started, including Thai Binh 2 thermal power project, Song Hau 1 thermal power plant, and Long Phu 1 thermal power project. These are all critical power projects with significant roles in ensuring the national energy security in the coming years. In 2023, Petrovietnam continued to mobilise all resources to accelerate investment and ensure safe operations at Thai Binh 2 power plant. The group's total electricity production reached 23.07 billion kWh, up 31% year-on-year. Its fertiliser and oil refinery plants operated at capacities ranging from 114% to 115%, and 105% - 112%, to 1.76 million tonnes and 7.36 million tonnes, respectively. Petrovietnam’s total revenue hit 942.8 trillion VND, exceeding the annual plan by 39% and 11.6 trillion VND higher than the 2022 record, equivalent to 9.2% of the country's GDP. The group contributed 151.8 trillion VND to the State budget, surpassing the annual plan by 94% and accounting for approximately 9% of the total State budget revenue in 2023. During the year, bottlenecks and obstacles facing Petrovietnam's investment activities were systematically reviewed and resolved by authorised agencies, especially prolonged difficulties and obstacles in key projects, making it easy for the firm to complete and put projects into commercial operation. Notably, Petrovietnam has successfully restarted and signed EPC contracts for developing mines within Lot B - O Mon gas-power project chain after several years of interruption, opening a new development phase for this national key oil and gas project, which is expected to meet the energy demand for Vietnam's economic development in the coming years. Amidst the challenges, Petrovietnam has implemented comprehensive and effective solutions, focusing on optimising management, applying technology to increase productivity and business efficiency, expanding markets, and continuing technical solutions to optimise exploration and production (E&P) activities. Petrovietnam’s achievements have contributed to further enhancing the trust of the Party, the State, the people, and its employees in the position and role of the group in the country’s socio-economic development./.