On 16 January 2015, PetroVietnam Oil and Gas Group held the Conference to review 2014 activities and implementation of 2015 plan with the participation of over 600 representatives. Deputy Prime Minister Hoang Trung Hai, Minister of Industry and Trade Vu Huy Hoang, senior leaders of the Party, State, and Government, and other leaders from central ministries and industries joined the Conference. Attendees from Vietnam Oil and Gas Group included Mr. Nguyen Xuan Son - Secretary of Party Committee and Chairman of  BOD, Mr. Nguyen Quoc Khanh –President and CEO, members of BOD, Management Board, leaders of departments/offices of PVN, and PVN’s former leaders. Deputy Prime Minister Hoang Trung Hai, BOD Chairman Nguyen Xuan Son, and President and CEO Nguyen Quoc Khanh jointly presided over the Conference.

2014is considered as a tough year with many difficulties, the economy has not yet fully recovered, the situation in the East Sea remained complicated..., PVN, with its utmost resolve and effort, has fulfilled and exceeded the overall plan for all targets and assigned tasks in term of absolute and relative figures and time. Especially, the domestic crude oil production has exceeded the annual plan by1.18 million tonnes, contributing to the national GDP growthin 2014; and despite the sharp tumble of oil price in 4th Quarter 2014, further constraining the effort of Budget contribution, PVN still surpassed the budget contribution target by VND 37.6 trillion,significantly helping the Government balance the national Budget.

Deputy Prime Minister Hoang Trung Hai gave instructions at the Conference

According to the report from PVN’s President and CEO, in 2014,  PVN’s oil and gas reserves increase to48.11 million tonnes of oil equivalent, equal to 137.5% of the plan. Total production output ofoil equivalent reach 27.6 million tonnes, of which17.39 million tonnes is oil, equal to 107.3% of the annual plan; gas production is 10.21 billion m3, equal to 107.5% of the annual plan; power generation is 16.69 billion kWh, equal to 106.3% of the annual plan; urea production is 1.655 million tonnes, equal to 108.5% of the annual plan; gasoline production is 5.736 million tonnes, equal to 123.7%of the annual plan. Revenue of petroleum services isVND 240.7 trillion, equal to 109.4% of the plan.

For financial targets, total revenue of PVN has reached VND 745.5trillion, representing 11.8% of the annual plan set by the Government. PVN’s contribution to the State budget is over VND 178.1trillion, exceeding the plan by VND 37.6 trillion.

In 2014, problems arising in investment projects were gradually resolved, the performance progress ofkey petroleum projects and other key projects of PVN were strictly controlled. The investment value in 2014 of PVN reached VND 82.8 trillion.

The achievement of planned targets in 2014 has re-affirmed the effective performance of the Parent Company – PVN with capital structure ensuring safety for production, business, investment as well as sustainable development of PVN, strengthen its reputation both domestically and internationally. The corporate restructure tasks were strictly carried out on the Government’s instructions; labour-environment safety tasks were ensured; social security work proceeded as per commitment; lifestyles of PVN’s staff stably maintained.

Deputy Prime Minister Hoang Trung Hai awardedthe Governments Excellent Emulation Flag to PVN and Independence Medals, Labour Medals to excellent teams and individuals

With implementation on the right trackand management actions taken timelyin a timely and resolved manner by the Parent Company-PVN, and the Representatives from each subsidiaries well fulfillingtheir assigned tasks, strictly following instructions and guidelines from PVN to practically implement at all levels, as a result, most of PVN subsidiaries have completed and surpassed their annual targets and achieved a high efficiency in production and business.

2015 is the last year to implement targets and assignment set in the 5-year plan 2011-2015, the 10th year in theDevelopment Strategy for Vietnam Oil and Gas Industry to 2015 and orientation to 2025. The implementation of 2015 plan plays a vital rolein the success of the 5-year plan, joining with the whole countryin overcoming difficulties and challenges, promoting economic development, maintaining the macro-economic stability, strongly proceeding with economic restructure and renovation ofgrowth model, ensuring social security, social benefits, and improving people’s living standards. It is also an important prerequisite for implementation of the 5-year plan 2016-2020.

PVN keeps striving to promote advantages, overcomedifficulties to fulfill its tasks and targets set in the plan, including increasing the reserves to 35-40 million tonnes of oil equivalent, producing16.80 million tonnes of crude oil and 9.8 billion m3 of gas, 18.50 billion kWh of electricity, 1.525 million tonnes of urea, 5.550 million tonnes gasoline, and achievingVND 116.8 trillion in investment value.

On behalf of the Communist Party and the State’s leaders, Deputy Prime Minister Hoang Trung Hai warmly honored the great achievements and contribution of PVN to the country’s overall cause in 2014; also appraised PVN for its awareness of weaknesses, learning lessons from experiencefor further development.

The Deputy Prime Minister also instructed PVN to build a proper mechanism to promote capabilities of each individual and team across PVN: prepare drasticand detailed measures to deal with challenges as well as opportunities in 2015. PVN should closely monitor the oil price situation, focus on measures to maintainstable production and development; ensure safety and security for the oil and gas works giventhe current complicated situation in the East Sea; work out measures to re-structure financial resources, focus on and maintain investment projects, particularly in exploration activities; focus on building and training a high quality labor force for the oil and gas industry; actively propose measures to the Government, ministries, and industries to get timely support for solving problems; look straight into the reality to evaluate the current situation and build a new strategy to sustainably develop the oil and gas industry.

Minister Vu Huy Hoang handed the Emulation Flags of Ministry of Industry and Trade to teams and individuals.

Receiving the opinions from Deputy Prime Minister Hoang Trung Hai, Mr. Nguyen Xuan Son, PVN Chairman, Mr. Nguyen Quoc Khanh, PVN President and CEO, in their reply, expressed their gratitudeto the close instructions, frequent support and careto PVN by the Party and the State. They also affirmed that PVN’s personnel would keep promoting their good traditions and achievements, overcoming all challenges and difficulties to fulfill the 2015 tasks, maintaining the pioneer position in the national economy, further contributingto the economic-social building and development, for the sake of prosperous nation, deserving the confidence and expectation of the Party, Uncle Ho, the State and the people.

On this occasion, the Party and the State, the Ministry of Industry and Trade, and PVN also awarded noble rewards to many teams and individuals in the Group, acknowledging and honoring their outstanding achievements in labour and production, their great contributions to the cause of building and development of the country.


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