On June 28, 2016, General Director of Vietnam Oil and Gas Group (PVN) Nguyen Vu Truong Son came to work at PV GAS to summarize the unit's production and business activities in the first 6 months of 2016. Joining the working group were Mr. Dinh Van Son, member of the Board of Members, and representatives of leaders of relevant departments of the Group. On PV GAS' side, attending to welcome and work with the delegation were Mr. Le Nhu Linh, Chairman of the Board of Directors; Mr. Duong Manh Son, General Director; leaders of the Party Committee, Trade Union, Board of Directors, Board of General Directors, representative leaders of member and affiliated departments and units. This is a working meeting held online at 3 bridgeheads: PVN headquarters, PV GAS headquarters and Northern Liquefied Petroleum Gas Trading Joint Stock Company.

At the working meeting Mr. Duong Manh Son, General Director of PV GAS reported on the production and business situation in the first 6 months of the year, planning for the last 6 months of 2016. General Director of PV GAS emphasized: PV GAS implemented work in early 2016 in the context of many unfavorable conditions: Oil prices, international LPG prices (CP) were low compared to plan (actual average oil price, CP price was 40$/barrel, respectively). 335$/ton, only 67% of the planned price) and some mines/lots/rigs in 4 gas systems operated unstable, stopping/reducing gas supply unplanned. However, PV GAS has performed its tasks with high efforts and achieved remarkable results. Specifically:

+ Ensure safe and continuous operation of the gas system, do not let any incidents from PV GAS's system stop/reduce gas supply, provide the maximum possible gas supply to consumers, contributing to ensuring national security, energy, and food.

+ Expected to exceed the output plan for the first 6 months of the year by 6-27%. In particular, the gas source from the Cuu Long basin supplied to customers is expected to reach nearly 800 million m3 of gas, exceeding the plan for the first 6 months of 2016 (about 136%) and increasing by over 30% over the same period in 2015, contributing to increasing PV GAS's revenue and profit

+ Completing the restructuring work according to the plan approved by the Group.

+ Exceeding completion. Savings and cost reduction plan (expected to reach 107% of the 6-month plan)

The plan for the last 6 months of 2016 proposed by PV GAS is:

+ Actively coordinate with units to perform well the operation, assignment, and regulation of gas to provide maximum gas and gas products to customers with the highest efficiency. 

+ Carefully review the preparation and quality implementation of maintenance and repair work during the gas outages of the Nam Con Son, Bach Ho, and PM3 Ca Mau systems scheduled for August and September 2016; Ensure safety, minimize gas supply downtime. 

+ Strive to exceed the planned gas output targets for the remaining 6 months and the whole year 2016 (estimated to reach over 10 billion m3).

+ Strengthen the security and safety of the gas system; promote coordinated communication programs; Ensuring all production and business activities at PV GAS are safe, stable and continuous with the gas system, achieving high reliability.

+ Develop and submit to the Group for approval PV GAS's 2017 plan; Review, approve/approve the 2017 Plan for all units throughout PV GAS; Summarizing production and business activities in 2016 and implementing Plan 2017, Plan 5 for 2016-2020 and PV GAS Development Strategy to 2025 and orientation to 2035 throughout PV GAS.

+ Strongly deploy LPG retail according to the approved strategy.

+ Promote implementation of thrifty practices and cost reduction.

+ The  projects always closely follow the progress, policies and directions of  Vietnam Oil and Gas Group.  

+ Implement restructuring work according to the Plan approved by the Group for the period 2016-2020; Implementing the project to synchronize and automate management processes (ERP).

+ Continue to improve and develop science and technology; Encourage creative initiatives.

After listening and recording many comments; Managing the discussion between relevant parties at the meeting, PVN General Director Nguyen Vu Truong Son concluded the working meeting, which affirmed PV GAS's efforts to complete and exceed the set plan, in the context of many difficulties facing the gas industry; affirmed that PV GAS's savings practice program was well implemented and achieved results.

To complete the 2016 tasks, PVN's General Director requested:

+ Professional committees and PV GAS to review the preparation/progress of projects;

+ Support the implementation of the ERP project, however, PV GAS needs to carefully review the actual work, develop plans and careful implementation progress. to avoid waste;

+ While waiting for approval from the Ministry of Industry and Trade and the Government on the Industry-wide Development Strategy as well as the PV GAS Development Strategy to 2025 and orientation to 2035, PV GAS needs to prepare to be able to embark on quality and rapid implementation, especially in coordination with localities, practice thrift to combat waste, research thoroughly and have a basis to ensure international cooperation to develop the gas market.

Chairman Le Nhu Linh spoke to absorb the opinions of PVN General Director, affirming PV GAS' determination to continue reviewing and implementing work closely following the direction of superiors, striving to ensure completion and exceeding the 2016 plan and the plan to develop the country's gas industry in the coming time. The Chairman also especially emphasized his determination to ensure the dividend distribution rate for shareholders in 2016 according to the proposed plan.

During the days from June 27 to July 1, 2016, the General Director Director of Vietnam Oil and Gas Group Nguyen Vu Truong Son and the working group continue to work with the Group's member units to summarize the situation of the entire industry in the first 6 months of 2016 and implement plans in the coming time.

Source PV GAS