The oil and gas reserves have increased, currently reaching 37 million tons of oil equivalent. On December 18, the Group continued to reach its annual target with 9 billion cubic meters of gas, completing the goal 12 days ahead of schedule. Accordingly, in 2012, the total crude oil output of the entire sector is expected to reach 16.4 – 16.5 million tons, with contributions to the state budget exceeding the plan by VND 35,000 – 40,000 billion. This result is attributed to the relentless efforts of each member unit. Accordingly, thanks to dynamism, creativity, proactive planning, and the ability to overcome difficulties, many enterprises in the sector have completed their goals ahead of schedule, achieving high results in business and production targets.
PTSC: Steadfast Amid Waves and Storms
On December 19, 2012, in Vung Tau City, PetroVietnam Technical Services Corporation (PTSC) held the 2012 Business Review Conference, the 2013 Business Plan Implementation Conference, and the 2013 Employees’ Conference. Reporting at the conference, Mr. Nguyễn Hùng Dũng – General Director of PTSC – stated that PTSC had made great efforts to successfully fulfill and exceed the planned targets for 2012, maintaining a high growth rate and contributing to the Group's efforts in accomplishing the political tasks assigned by the Government. PTSC has established a recognized brand both domestically and regionally, formed many long-term and trusted cooperative relationships with strong international strategic partners for training, technology transfer, and gradually participating in and developing domestic service capacities. Accordingly, in 2012, despite facing numerous difficulties due to the general economic situation, the Corporation implemented many solutions, launched various action programs, initiated multiple emulation movements, mobilized all available resources, and decisively directed operations to maintain and fulfill contracts for the provision of supply vessels, FSO/FPSO services, port base services, operation and maintenance services, fabrication and installation of oil and gas facilities, geophysical and geotechnical survey services… for oil companies and contractors, while also accelerating marketing efforts to seek new service contracts and rigorously implementing cost-saving measures to enhance business efficiency. As a result, PTSC made great efforts and successfully fulfilled and exceeded the planned targets for 2012, contributing together with the Group to accomplishing the Government-assigned plans, with revenue reaching VND 28,000 billion, achieving 112% of the annual plan, an increase of 10% compared to the same period last year; pre-tax profit reaching VND 1,100 billion, achieving 115% of the annual plan.
Attending and delivering remarks at the conference, Mr. Phùng Đình Thực – Chairman of the Members’ Council of PetroVietnam – highly appreciated the collective efforts of PTSC’s officers and employees. Despite many difficulties throughout the past year, the leadership and staff of PTSC united and strived to maintain high growth, contributing together with the Group to fulfilling the Government-assigned plans.
PETROSETCO: Up Five Places in the Ranking of Vietnam's Top 500 Enterprises
On December 11, 2012, according to the VNR500 ranking – Top 500 largest enterprises in Vietnam organized by the VNR500 (Vietnam Report 500) in collaboration with VietnamNet, PetroVietnam General Services Joint Stock Corporation (Petrosetco) excellently secured 69th place among the Top 500 largest enterprises in Vietnam, up 5 places compared to 2011, and ranked 16th among the Top 500 largest private enterprises in Vietnam. The VNR500 ranking is the result of research conducted by Vietnam Report, built on scientific and independent principles and adhering to international standards. This is a recognition and objective evaluation of the business results that Vietnamese enterprises have achieved in each fiscal year. This is the sixth consecutive year that PETROSETCO has maintained a high position in the VNR500 ranking and continues to demonstrate sustainable development as a high-potential enterprise. The advancement in ranking in 2012 – a year considered full of challenges and turbulence for the economy – is seen as an outstanding effort by
PETROSETCO.
It is known that on December 20, 2012, in Ho Chi Minh City, Petrosetco also held the 2012 Business Review Conference and the 2013 Employees’ Conference. At the conference, General Director Phùng Tuấn Hà stated that, with utmost effort and the motto “Wholehearted Service,” the Petrosetco team successfully overcame difficulties with total revenue of VND 10,700 billion (107% of the plan), profit of VND 301 billion (125% of the plan), and tax contribution of VND 1,100 billion (110% of the plan).
PV GAS: Record High Revenue and Profit
At the Employees’ Conference held on December 18, 2012, the leadership of PetroVietnam Gas Joint Stock Corporation – PV Gas – announced that in 2012, the company achieved its targets for production, profit, and state budget contribution four months ahead of schedule, and reached its revenue and LPG production targets two months early. This was the highest revenue and profit year since the company’s establishment. Accordingly, the Corporation's business plan for 2012 was implemented under unfavorable conditions due to the global and domestic economic downturn, the continued natural decline in gas production from the Cuu Long gas system over time, and inconsistent and low gas consumption by power plants due to frequent flooding...
However, by effectively seizing opportunities and leveraging the collective strength of PV Gas’s political system, along with the solidarity and high determination of its leadership and employees, PV Gas met and exceeded almost all planned targets. Specifically, the gas system was operated safely, stably, and continuously, supplying the maximum possible amount of gas to consumers, contributing to ensuring national energy and food security, providing feedstock and fuel for the production of over 40% of electricity output, 70% of fertilizer demand, and over 70% of the national LPG market share. Dry gas reached 9,008 million m³, 102% of the plan; condensate reached 58,000 tons, 118% of the plan; liquefied petroleum gas – LPG (from Dinh Co, imports, and Dung Quat) reached 1,034,984 tons, 119% of the plan; revenue reached VND 66,250 billion, 120% of the plan; state budget contribution reached VND 5,313 billion, 178% of the plan; and pre-tax profit reached VND 11,068 billion, 172% of the plan.
Also in the year, PV Gas completed the equitization settlement and successfully listed PV Gas shares (ticker: GAS) on the Ho Chi Minh City Stock Exchange. The corporate restructuring process was implemented in accordance with the plan approved by the Group. The activities of subsidiaries and affiliates were all profitable. Social welfare work was implemented as committed, with the total annual budget for this activity exceeding VND 144 billion, fulfilling 100% of the plan assigned by the Group. The cost-cutting and price-reduction program was thoroughly and extensively implemented, resulting in cost savings of VND 330 billion, equivalent to 135% of the plan.
(Saigon Giai Phong Online, December 21, Economic & Lifestyle Section)
