PetroVietnam requested to regain growth engine role
Prime Minister Nguyen Xuan Phuc attended a meeting of the Vietnam National Oil and Gas Group (PetroVietnam) in Hanoi on January 11, asking the firm to overcome ups and downs to re-establish the sector as a growth engine of the country.
Prime Minister Nguyen Xuan Phuc (R) greets participants in the meeting of PetroVietnam in Hanoi on January 11 (Photo: VNA)
Hanoi (VNA) – Prime Minister Nguyen Xuan Phucattended a meeting of the Vietnam National Oil and Gas Group (PetroVietnam) inHanoi on January 11, asking the firm to overcome ups and downs to re-establishthe sector as a growth engine of the country.
The group reported that PetroVietnamsuccessfully fulfilled the targets for 2018, noting that it exploited 23.98million tonnes of oil equivalent, including 13.97 million tonnes of crude oil,respectively up 5 percent and 5.6 percent from the set targets. Meanwhile,10.01 billion cubic metres of gas was exploited.
It produced 1.63 million tonnes of nitrogenfertilizer, rising by 5.7 percent from last year’s target.
PetroVietnam also surpassed financial targets asit earned 626.8 trillion VND (26.9 billion USD) in revenue, up 18.1 percent and25.9 percent from the set target and the previous year, respectively. Itcontributed about 121.3 trillion VND to the State budget, up 64.3 percent and24.3 percent.
Addressing the meeting, PM Phuc stressedPetroVietnam’s leading role among State-owned enterprises, elaborating that itnot only greatly contributes to the State budget but also plays an importantrole in the external work, ensuring defence-security, and helping with theeconomy’s self-reliance.
Applauding the groups’ achievements, heemphasised that these will be prerequisites for further development in the timeahead.
The firm has made substantial contributions overmore than 30 years of Doi moi (Reform), he said, noting that the sector hasensured the gas supply for the production of 35 percent of electricity, 75percent of fertilizers and 64 percent of liquefied gas consumed in Vietnam.
The Government leader requested PetroVietnam bedetermined to overcome shortcomings as well as challenges and difficulties todeserve the “Hero of Labour in the reform period” title.
It must nurture the ambition to regain its leadingposition in the national development and become a stronger group, he said.
PM Phuc also asked it to take the lead inapplying science-technology amid the Fourth Industrial Revolution. –VNA
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Prime Minister Nguyen Xuan Phuc (R) greets participants in the meeting of PetroVietnam in Hanoi on January 11 (Photo: VNA) 
