In July 2024, Vietnam Oil and Gas Group (Petrovietnam) recorded positive results despite facing many challenges from the market. Adverse market developments have significantly affected the Group's production and business activities, with the global purchasing managers index (PMI) falling to 49.7 points, below the neutral level for the first time in 2024. This situation has led to a decline in gas and electricity mobilization, a decline in oil refining profit margins, along with weak product demand.
To respond to these difficulties, Petrovietnam has strictly managed fluctuations, maintaining safe and stable production operations. The Group has taken full advantage of opportunities to compensate for losses, ensuring that oil and gas factories and projects operate effectively, meeting the demand for essential products such as petroleum, gas, electricity and fertilizer.
Production results in July showed the Group's efforts when crude oil exploitation reached 0.81 million tons, exceeding 15.9% of the plan. Gas exploitation reached 519 million m³, exceeding 14.7% of the plan, while fertilizer production reached 163.2 thousand tons, exceeding 6.3% of the plan. In particular, Thai Binh 2 Thermal Power Plant has officially been connected to the power grid since August 2024, marking an important step forward in providing energy to the market.
In addition, Petrovietnam has also put into operation 3 LPG tanks at PV GAS Vung Tau Warehouse, improving supply capacity and meeting market demand. In the first 7 months of 2024, total revenue is estimated to reach 567.4 trillion VND, exceeding 31% of the plan and increasing 14% over the same period last year.
In addition to production and business activities, the Group also actively participates in social security activities, supports people affected by natural disasters, builds Great Solidarity houses and invests in education and healthcare. The total value of social security in the first 7 months of 2024 reached 467 billion VND.
Chairman of Petrovietnam Board of Directors, Le Manh Hung, emphasized the importance of strengthening governance in a volatile market context. The Group will continue to review, reform administration, optimize production and seek new drivers for growth. With these efforts, Petrovietnam affirms its position in the steel pipe and oil and gas industries, while contributing to the sustainable development of Vietnam's economy.