Petrovietnam: Coping with Challenges and Achieving Positive Results in July

In July 2024, the Vietnam Oil and Gas Group (Petrovietnam) recorded positive results despite facing numerous challenges from the market. Adverse market developments significantly impacted the Group's production and business activities, with the global Purchasing Managers' Index (PMI) dropping to 49.7 points, the first time below the neutral level in 2024. This situation led to a decline in gas and electricity generation, reduced refining profit margins, along with weak product consumption demand.

To cope with these difficulties, Petrovietnam implemented strict management of fluctuations, maintaining safe and stable production operations. The Group maximized opportunities to offset losses, ensuring that oil and gas plants operated efficiently to meet the demand for essential products such as gasoline, gas, electricity, and fertilizers.

The production results in July demonstrated the Group's efforts, with crude oil extraction reaching 0.81 million tons, exceeding the plan by 15.9%. Gas extraction reached 519 million cubic meters, exceeding the plan by 14.7%, while fertilizer production reached 163.2 thousand tons, exceeding the plan by 6.3%. Notably, the Thai Binh 2 Thermal Power Plant officially connected to the national grid starting August 2024, marking an important step in energy supply for the market.

Additionally, Petrovietnam has put into operation three LPG storage tanks at the PV GAS Vung Tau Port, enhancing supply capacity and meeting market demand. In the first seven months of 2024, total revenue is estimated at 567.4 trillion VND, exceeding the plan by 31% and increasing by 14% compared to the same period last year.

Besides production and business activities, the Group actively participates in social welfare activities, supporting people affected by natural disasters, building solidarity houses, and investing in education and healthcare. The total value of social welfare activities in the first seven months of 2024 reached 467 billion VND.

Petrovietnam's Chairman of the Board, Le Manh Hung, emphasized the importance of strengthening management in the context of a volatile market. The Group will continue to review, reform administrative procedures, optimize production, and seek new drivers for growth. With these efforts, Petrovietnam affirms its position in the oil and gas industry while contributing to the sustainable development of the Vietnamese economy.