In 2012, PVN basically fulfilled and exceeded most of its assigned targets and tasks, achieving a high growth rate compared to 2011. Specifically, the Group completed its target of increasing oil and gas reserves by 48 million tons of oil equivalent three months ahead of schedule, exceeding the annual plan by 37.1% and up 36% compared to 2011; crude oil production reached 16.74 million tons, exceeding the annual plan by 5.9% and up 10.1% year-on-year; notably, PVN contributed an additional VND 52.26 trillion (equivalent to USD 2.49 billion) to the State budget.
Foreign investment attraction in oil and gas exploration in Vietnam and PVN’s overseas investment expansion were actively implemented. For the first time, the Group’s overseas oil production exceeded one million tons, further strengthening PVN’s reputation and brand both domestically and internationally. PVN’s project implementation was closely associated with ensuring energy security, food security, and national sovereignty protection, in line with its strategic development objectives.
In addition to the significant results mentioned above, several subsidiaries and projects still faced difficulties in 2012, such as PetroVietnam Construction Joint Stock Corporation (PVC), PetroVietnam Technical Services and Trading Corporation (PETEC), PetroVietnam Oil Corporation (PVOIL), Dung Quat IT One Member Co., Ltd., and the Dinh Vu Polyester Fiber Project.
Building upon the achievements of 2012, PVN set forth its 2013 work plan with the following key targets: oil and gas reserve growth of 35–40 million tons of oil equivalent; production output of 25.20 million tons of oil equivalent; total revenue of VND 646.5 trillion; and contribution to the State budget of VND 148.5 trillion.
In his directive speech at the conference, Deputy Prime Minister Hoang Trung Hai, on behalf of the Prime Minister, commended PVN for its 2012 accomplishments and acknowledged the Group’s contributions to the nation’s socio-economic development. The Deputy Prime Minister also requested PVN to seriously discuss six existing shortcomings in 2012 to develop effective remedial measures. He further appreciated the eight tasks and 14 solutions proposed for PVN’s 2013 plan, emphasizing four key priorities:
Implement and direct all subsidiaries to effectively execute the PVN Restructuring Plan for the 2012–2015 period, as approved by the Prime Minister, with special attention to the Group’s operational efficiency;
- Improve planning work and focus investments in PVN’s five core business sectors;
- Conduct reviews and updates to personnel planning up to 2015 and 2020;
- Strengthen PVN’s competitiveness to proactively integrate more deeply into the global economy.
(Nhan Dan Online, January 20; Tuoi Tre Online, January 20)
