PVN striving forward in spite of tough times
Total revenue of Vietnam National Oil and Gas Group (PVN) reached VND498 trillion (US$22 billion), an increase of 13.8% over 2017 year’s plan and 10.1% comparing to 2016.
As such, the consolidated after-tax profit reached VND31.9 trillion (US$1.4 billion), equivalent to a 92% higher-than expected plan. PVN has in turn contributed VND97.5 trillion (US$4.3 billion) to the state budget, up 30.8% of the plan or equivalent to VND22.9 trillion (US$1billion).
PVN has step up effort and contributed significantly to Vietnam’s high economic growth in 2017.
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Under expected uncertainties surrounding the global economy in 2018, PVN will focus on increasing oil and gas reserves by 10 – 15 million tonnes of oil equivalent, at the same time, to facilitate the progress of gas development projects including Block B and Blue Whale, located offshore Danang in central Vietnam.
PVN set target for oil and gas production in 2018 at 36 million tonnes, in which gas of 22.83 million tonnes, and crude oil of 13.23 million tonnes.
Vietnam’s oil and gas industry is going through a difficult phase, while unclear regulations have caused PVN’s leaders to step back from making breakthrough decisions, said the Deputy Prime Minister Trinh Dinh Dung at the PVN’s year-end meeting of 2017 and mission for 2018 on January 12.
“Wrongdoings and violations committed by senior and former senior officials of PVN are having negative impacts on the group’s credibility and trust among the public”, stated Mr. Dung.
That said, in the most high profile of corruption crackdown in recent years, 22 defendants being current and former senior officials of PVN, including Dinh La Thang, a former Politburo member and Chairman of PVN are facing severe punishment for violating State regulations on economic management causing serious consequences, heard a court hearing in Hanoi on January 11.
Difficulties are clear, but after every storm, then comes a rainbow, and this will be an opportunity for PVN to look back at the past and make necessary changes to move forward, convinced the Deputy Prime Minister.
Taking on challenges of PVN, at present, almost all major oil fields near the shores are close to exhausting production, while the search for new oil basins has not progressed as expected due to limited resources.
Meanwhlie, a series of investment projects has proved ineffiencient with slow progress, for which there is no appropriate measure to deal with accordingly. To make it worse, overseas investments have led to massive losses, requiring the government immediate support in both policies and financially.
The restructuring process of PVN, from Mr. Dung’s view point, is lagging behind and having direct consequences on the business performance of the Group.
Despite all these difficulties, however, PVN has step up effort and contributed significantly to Vietnam’s high economic growth in 2017, as this was the first time Vietnam had met and surpassed all 13 socio-economic development goals set by the National Assembly. “These are impressive result and signal a new development phase of the PVN”, said Mr. Dung.
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