Petrovietnam pioneers in leading the economy

Petrovietnam pioneers in leading the economy

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12/22/2024 Views :
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Accompanying the ups and downs in the country's historical process, generations of "fire seekers" with courage, intelligence and perseverance have determined to build a strong Oil and Gas industry. Up to now, the Vietnam Oil and Gas Group (Petrovietnam) has developed completely and synchronously, contributing greatly to ensuring energy security, economic security, food security, national defense security and social security for the country, affirming its position as a pillar economic group leading the national economy.

Since the early days of opening by the strategic vision of the great President Ho Chi Minh , the Vietnam Oil and Gas industry has made rapid and proud progress. From the initial position of both employees and apprentices, the Vietnamese Oil and Gas people have been persistent and constantly learning to master the most advanced exploration and exploitation technologies, achieving great technical achievements, changing the knowledge about the geological structure of oil fields in the world. The Vietnam Oil and Gas industry, with Petrovietnam as the main force, has successfully built a complete, synchronous, closed chain from searching, exploration and exploitation to storage, transportation and deep processing.

Oil and gas exploitation in the East Sea.

Currently, Petrovietnam's domestic crude oil production output averages 7.5-8.5 million tons/year; gas output reaches 6-8 billion m3/year. Every year, Petrovietnam supplies over 13.5 million tons of various types of gasoline and oil, meeting about 70% of domestic gasoline and oil demand; supplies 1.8 million petrochemical products; supplies 1.6-1.7 million tons of nitrogen fertilizer, meeting 70-80% of domestic nitrogen fertilizer demand (about 2 million tons/year). Petrovietnam is commercially operating 9 power plants with a total capacity of 6,600 MW, equivalent to 8.5% of the total installed capacity of the national power system. Petrovietnam's main products such as crude oil, gasoline, natural gas, liquefied gas, electricity, nitrogen fertilizer, etc. have participated in all activities of the country's life with a large proportion, contributing significantly to the stability and development of the economy and society.

Nhon Trach 2 Power Plant.

With the synchronous development of the oil and gas industrial chain, Petrovietnam has become the core and nucleus in the formation of concentrated industrial zones in: Ba Ria - Vung Tau, Dong Nai - Hiep Phuoc, Ca Mau, Dung Quat - Quang Ngai, Vung Ang - Ha Tinh, Nghi Son - Thanh Hoa... This synchronous investment has fundamentally changed the economic structure, bringing in large revenues for the national budget, basically meeting the energy and fertilizer requirements of the whole country. Projects such as Dung Quat Oil Refinery, Ca Mau Gas - Power - Fertilizer Complex... operate effectively, making great contributions to the socio-economic development of the country in general and each region and locality where the project is in operation.

During its operation, along with promoting production and business development, social security work is always of interest and focus to Petrovietnam and its member units.

As of December 31, 2023, Petrovietnam's total consolidated assets reached over 1 million billion VND (equivalent to about 43 billion USD) - the only Vietnamese enterprise that is not a bank with assets of over 1 million billion VND; equity of over 530 thousand billion VND (23 billion USD); average annual total revenue equivalent to about 9-10% of the country's GDP; average annual State budget contribution reached 9-9.5% of the country's total budget revenue.

All the values ​​that the Oil and Gas industry chain brings have affirmed the leading role and position of Petrovietnam in contributing to ensuring the maintenance of the 5 words "An" for the country: energy security, economic security, food security, national defense security and social security.

Asserting position

To achieve these great achievements, Petrovietnam has regularly updated and applied advanced, modern technology, approaching world-class standards in its operations; researched and developed new products and services; sought investment opportunities in potential new projects; improved techniques, converted existing factories and works to optimize capacity, improve quality and diversify products, goods and services, helping to reduce costs and enhance competitiveness. The system of affiliated and member enterprises of Petrovietnam such as Vietsovpetro Joint Venture, Oil and Gas Exploration and Production Corporation (PVEP), Vietnam Gas Corporation (PV GAS), Binh Son Refining and Petrochemical Joint Stock Company (BSR), Vietnam Oil Corporation (PVOIL), Vietnam Oil and Gas Power Corporation (PV Power), PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo), Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC), Vietnam Petroleum Technical Services Joint Stock Corporation (PTSC), PetroVietnam Drilling and Drilling Services Joint Stock Corporation (PV Drilling), PetroVietnam Transportation Joint Stock Corporation (PVTrans) ... are all known as enterprises with strong potential, effective operations, leading positions in industries and sectors of the country's economy.

In recent times, along with continuing to maintain existing production and business activities, promoting oil and gas exploration and exploitation activities to take advantage of the country's oil and gas resources, Petrovietnam has proactively researched and built a new development roadmap based on promoting the existing advantages of the industry. The Group has had a strategic orientation on developing new energy sources, renewable energy, expanding the value chain of oil and gas products such as offshore wind power, coastal wind power; importing and supplying LNG; increasing the proportion of gas in exploration, exploitation, electricity production and petrochemical and chemical processing activities. The Group has also begun to develop the hydrogen/ammonia value chain, including production, storage, transportation and distribution; developing charging stations/fuel cells, taking advantage of the existing infrastructure at gas stations; developing mechanical engineering industry, energy engineering services, participating in the global value chain; Developing carbon capture and storage technology CCS/CCUS…

Production of wind power tower bases at PTSC Energy Industry and Technical Logistics Center, Vung Tau city.

In each field of operation, Petrovietnam develops specific strategies, as well as tasks, solutions and organizes implementation in a systematic manner, suitable to the characteristics and advantages of each industry and field. Petrovietnam units are also proactive in updating and adjusting strategies and long-term plans, in line with new trends.

Specifically, PTSC is a pioneer and has become the most capable general contractor in Vietnam in the field of offshore wind power, quickly participating in the supply chain of design, manufacturing and supplying offshore wind power equipment for many partners and large projects in the world. PV GAS is the pioneer and only unit in Vietnam currently importing and trading LNG. PVOIL participates with partners in installing electric vehicle charging stations at gas stations. Production and research units such as VPI, BSR, PVFCCo, PVCFC... also constantly research and launch new products and materials with high value such as: thermoformed PP plastic granules TF4035 with many superior properties, high applicability and environmental friendliness; high-quality petroleum products serving the military such as Jet A-1K, DO L-62, RON 83; successfully produced Carbon Nano Tubes (CNT) from CO2-rich natural gas; slow-release fertilizers coated with nano materials; lubricants containing additives based on Graphene materials, helping to reduce fuel consumption and emissions... The units have also continued to promote investment in facilities and infrastructure, promote cooperation and research with domestic and international partners to implement strategic orientations.

“Petrovietnam has proactively researched and planned strategies to adapt and take advantage of opportunities in the energy transition to continue developing, maintain its pivotal position, and contribute more to the country's economy.”

Petrovietnam General Director Le Ngoc Son

Ready to reach new heights

On April 24, 2024, the Politburo issued Conclusion 76-KL/TW on the implementation of Resolution 41-NQ/TW dated July 23, 2015 on the orientation of the Vietnam Oil and Gas Industry Development Strategy to 2025, with a vision to 2035 and some orientations for the new period.

The issuance of Conclusion 76-KL/TW by the Politburo has created conditions for the rapid, sustainable, synchronous and effective development of the Oil and Gas industry, in line with the development regime, especially the socialist-oriented market economy and international integration in the new period. The future of the Oil and Gas industry is closely linked to the socio-economic development strategy, the national energy strategy and master plan, and the requirements of the energy transition process, promoting green growth, industrialization and modernization of the country. The development of the industry is also closely linked to the sustainable development of the marine economy, contributing to firmly ensuring national energy security, national defense, maritime and island security, and ecological environmental safety, etc.

That is the solid foundation, basis and great advantage of Petrovietnam on the journey of transformation into Petrovietnam - National Energy Industry Group; helping Petrovietnam to have enough conditions to successfully implement strategic goals, as well as increase the ability to endure, adapt and overcome difficulties and fluctuations in the process of implementing the strategy.

With the role, position and mission of “Energy for development”, along with promoting the traditional culture of Oil and Gas “Aspiration – Intelligence – Professionalism – Affection”, in the spirit of “One team – One goal”, today’s generation of “fire seekers” will continue to open up opportunities in difficulties and challenges, “renew old motivation” and “add new motivation”, “reach new heights”, bringing Petrovietnam to soon complete the goal of becoming Petrovietnam – the National Energy Industry Group; always growing and developing sustainably, being the pride of Oil and Gas workers and the trust of the people of the whole country./.

Tr.L

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Source: https://www.pvn.vn/chuyen-muc/tap-doan/tin/b07b6830-eede-478a-bf81-06d99d36ff2c