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Vietnam Energy Forum

PVN is maintaining the production output at high level

 - The Vietnam Oil and Gas Group (PVN) informed that, In the first quarter of 2023, although the economic situation of Vietnam faced many difficulties, PVN continuously held fast to the stable production, business rate and maintained the production output at high level.

The production and business of PVN in 2023 first quarter as follows:

- Oil production reached 2.60 million tons, exceeding 12.6% of the quarter plan, equaling 28% of the year plan.

- Gas production reached 1.97 billion m3, exceeding 17.6% of the quarter plan, equaling 33% of the year plan.

- Electricity production reached 5.65 billion kWh, exceeding 6.3% of the quarter plan, equaling 23.5% of the year plan, increasing 35.3% over the same period in 2022.

- Nitrogen fertilizer production reached 461 thousand tons, exceeding 12% of the quarter plan, equaling 29% of the year plan.

- Gasoline production (excluding products from Nghi Son Refinery) reached 1.74 million tons, exceeding 11.3% of the quarter plan, equaling 31.5% of the year plan, increasing 7.0% in comparison with the same period in 2022.

In terms of finance, with a maximal effort, optimizing and improving efficiency of production and business, PVN achieved positive indicators that exceeded the plan, and more positive than the decline momentum in oil prices and adverse fluctuations of the market (in the first quarter of 2023 the average selling price of oil decreased by 15% over the same period).

Specifically, in the first quarter of 2023, the total turnover of PVN was estimated at 193.7 trillion VND, exceeding 17% of the quarter plan and reaching 29% of the year plan;

The State budget pay reached 29.8 trillion VND, exceeding 21% of the quarter plan, reaching 38% of the year plan

and profit before tax achieved about 13.6 trillion VND, exceeding 67% of the quarter plan, equaling 39% of the plan. Recognizing the adverse fluctuations of the macro economy and the current market, PVN has proposed solutions to successfully complete the goals and plans in the following months of 2023 with a aim to ensure optimal resources and improve the operational efficiency of each block, field, in the PVN ecosystem as follows:

- The member units of PVN strengthen updating market fluctuations, financial and monetary policies as the basis for operating in various fields.

- Improving capacity, efficiency, and optimize operation of the plants. Taking advantage of the dry season in the electricity market, from now to June 2023, to maintain the high availability of the power plants for ready electricity supplying.

- Deploying the solutions to promote and control investment activities of the Group.

- Maintaining the oil and gas production output.

- Good implementing the management of capital and assets, handling and collecting debts, completely solving the existing problems.

- Actively innovating, creating, researching and deploying the long-term scientific tasks.

- Innovating and building a non-ownership business combination model.

- Having a benefit distribution mechanism to create motivation for promoting creativity, optimizing and increasing production efficiency.

- Effectively bringing into play the value and link chains in the PVN, checking and expanding the new chains.


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