PM underlines key role of PetroVietnam in national energy security

He asked the group to safely and effectively operate oil and gas projects, striving to fulfill 2023 goals and making contributions to ensuring national energy security and meeting domestic demand for oil and gas, electricity and fertilisers.

PetroVietnam should also work closely with the Ministry of National Defence, Ministry of Foreign Affairs and Ministry of Public Security and concerned agencies to ensure national defence and economic security in oil and gas activities, the PM said.

Last year, PetroVietnam’s crude oil exploitation hit a record with 8.98 million tonnes, up 28% from the target. Its production and export of fertilisers reached 1.88 million tonnes and 606,000 tonnes, respectively. Petrol production met about 75% of domestic demand. With a total revenue of 931.2 trillion VND (40.4 billion USD), its before-tax profit surpassed 82 trillion VND and State budget collection hit 170.6 trillion VND, or about 9.6% of total revenues of the State budget.

PetroVietnam also put into operation the Song Hau 1 and Thai Binh 2 power projects, accelerated the progress of thermal and gas power projects and expanded the Dung Quat oil refinery.

This year, the group sets goals of tapping 9.29 million tonnes of oil and 5.94-8.11 billion cu.m of gas, and producing 1.6 million tonnes of fertiliser and 24 billion kWh of electricity. It aims for revenues of  677.7 trillion VND and contributing 78.3 trillion VND to the State budget.

At the event, the PM and leaders of ministries and agencies also presented noble distinctions of the Party and State to PetroVietnam’s units and individuals in honour of their contributions to national development.