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Prime Minister Pham Minh Chinh has just signed Decision No. 1668/QD-TTg appointing Mr. Le Manh Hung - Member of the Board of Members, General Director of Vietnam Oil and Gas Group (PVN) to hold the position of Chairman of the Board of Members of PVN from January 1, 2024. (The appointment period is 5 years).

Deputy Prime Minister Le Minh Khai signed Decision No. 1243/QD-TTg to approve the "Project to restructure Vietnam Oil and Gas Group (PVN) for the period until the end of 2025".

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.

Vietnam Oil and Gas Group (PVN) informed that PVN finished the 2022 plan for crude oil exploitation with 8.74 million tons on October 22, 2022, 2 months and 9 days ahead of schedule. In a general total of 10 months, PVN exploited 9.03 million tons, exceeding 3% of the 2022 year plan and equaling 99.4 % of the amount in the same period in 2021.

At the meeting with Mr. Ashish Kumar - General Director of India Essar Group (India), Mr. Le Manh Hung - General Director of the Vietnam Oil and Gas Group (PVN) proposed researching the development of cooperation between this group and Dung Quat Oil Refinery to research developing an integrated petrochemical project with the overall development orientation of using gas - condensate from the Ken Bau field.

The Vietnam Oil and Gas Group (PVN) informed that, in the first 6 months of 2021, the pre-tax profit of the group achieved over 3 times higher than the growth rate of oil prices as the average price of crude oil in the first 6 months of the year 66.8 USD/barrel, exceeding the plan price for 48%, while the united pre-tax profit exceeded 165% of the plan. Especially, the PVN return on equity (ROE) in the first 6 months was estimated at 4.6% so PVN belongs to the group of oil and gas companies with good ROE in the world.

At the Party Congress of the Vietnam Oil and Gas Group (PVN) in 2020-2025 term, on June 9,2020, in Hanoi, Mr. Le Manh Hung - PVN General Director proposed a target to decrease average cost of the crude oil exploitation for being able to stand steady (even if the crude oil price falling to 30 USD / barrel).

The State Capital Management Committee at Enterprises has just issued the Decision No. 237 / QD-UBQLV dated May 21, 2020 on approving the planned targets on production, business and development investment of Vietnam Oil and Gas Group (PVN) in 2020.

In the near future, Vietnam Oil and Gas Group (PVN) has a plan to invite 1,600 international high-tech oil and gas experts to Vietnam to carry out the key projects deploying in situation of Covid-19 pandemic.

According to Vietnam Oil and Gas Group (PVN), it is not feasible to buy oil with “bottom price” because we do not yet have mechanisms and policies on risks for this activity (buying oil at “bottom price” leads to losses). On the other hand, at present, in Vietnam there are no national oil reserve depots, while the crude oil storages of Dung Quat and Nghi Son refinery plants can only meet production needs of these plants. It is also not feasible to rent an oil tanker (at least at this time), because of difficulty of our financial potential.