Approving the planned targets on production, business and development investment of PVN in 2020

According to the approved plans, in 2020 PVN continues to implement the comprehensive restructuring project of  the group and its subsidiaries, equitization arrangement and settlement, divestment under decisions of competent authorities and provisions of law; at the same time, to enhance the efficiency, labor productivity and improve income for labors on the basis of coupling production and business results and labor productivity.

The main planned targets of PVN in 2020 include crude oil production of 10.62 million tons, gas - 9.74 billion m3, electricity - 21.6 billion kWh, nitrogen fertilizer - 1,562 million tons and types of gasoline - 11,824 million tons.

Particularly for PVN parent company, it is assigned to produce crude oil and condensate of 3.26 million tons and gas of 1.82 billion m3.

The above targets have not taken into account the impact factors caused by the Covid-19 pandemic and oil prices deeply fallen in recent time and may last until the end of 2020.

In order to implement the above planned targets, the State Capital Management Committee at the enterprises requires the PVN Member Council and General Director:

1 /To organize assigning and implementing the production and business plan in the whole group, the production, business and development investment plan for PVN parent company in 2020 in accordance with the provisions of law; to manage and use state capital invested in PVN so that to preserve and develop it.

2 /To review the whole list of projects which expect to be invested in 2020. Only decide to invest in really necessary projects, serving the production and business activities of PVN, suitable with ability for the capital implementation and disbursement in 2020; to ensure effective investment, to preserve and increase the state capital invested in enterprises; prevent spread far and wide investment, waste and loss of capital and properties of the state and enterprises. The investment projects must be fully implemented by the investment routines and procedures regulated in the laws.

3 /To study the proposed report on policies and mechanisms related to production, business and development investment activities of PVN in 2020 to ensure complete deploying planned targets for production, business and development investment in 2020 especially the solutions to cope with the Covid-19 pandemic and oil prices strong reduce.

4 /To strictly execute the regulations of laws on managing and using state capital at enterprises, investment and construction, obligation to the state budget, regime of financial statements, supervision report and other reports by the requirements of competent authorities, implementing the inspection and examination results as well as the regulations on production, labor, environmental safety and fire and explosion prevention.

5 /To monitor and supervise the situations on implementing and evaluating the results of production, business and investment in 2020 in accordance with the regulations of the laws and PVN's Charter.

6 /To periodically report on the results of implementation, difficulties and obstacles in production and business and development investment plans of PVN in 2020 to the State Capital Management Committee at enterprises and relevant agencies according to the regulations of the laws; to inspect, supervise and evaluate the results of implementing the production, business and development investment plans of PVN in 2020 according to the regulations of the laws.

VER.