Important foundations and advantages
In the current context, the Vietnam National Oil and Gas Group (Petrovietnam) has had orientations and preparations to transform in order to develop quickly and sustainably, adapting to new trends with the goal of "Building and developing Petrovietnam into a leading industrial - energy group in the country and region; having a core position and role in ensuring national energy security".
It can be affirmed that, to implement this strategy, Petrovietnam has a solid foundation, sufficient resources and many strengths to help the transition process be carried out quickly, sustainably, and effectively, saving money based on: Strong financial capacity; Petrovietnam has extensive, multilateral cooperation with foreign partners in the energy sector, so it has the opportunity to cooperate and absorb knowledge and technology on energy transition.
In particular, the Group can take advantage of experience and infrastructure from the oil and gas value chain such as: Infrastructure systems for storage, processing, distribution, experience in construction, installation, and maintenance of onshore and offshore oil and gas projects...
As of December 31, 2023, Petrovietnam's total consolidated assets reached more than 1 million billion VND (equivalent to about 43 billion USD); equity capital was more than 530 thousand billion VND (23 billion USD); average annual total revenue was equivalent to about 9-10% of the country's GDP; average annual State budget contribution reached 9-9.5% of the country's total budget revenue.
The fact that Fitch Rating - the world's leading credit rating organization - continuously rated the credit rating at BB+ (2023) accurately reflects Petrovietnam 's strong business and financial situation .
Petrovietnam is commercially operating 9 power plants with a total capacity of 6,600 MW, equivalent to 8.5% of the total installed capacity of the national power system. Petrovietnam's main products such as crude oil, gasoline, natural gas, liquefied gas, electricity, fertilizer, etc. have participated in all activities of the country's life with a large proportion.
Petrovietnam regularly updates and applies advanced, modern technology, approaching world-class standards in operations; researches and develops new products and services.
Thorough preparation and initial success
In recent years, Petrovietnam has proactively researched and built a new development roadmap based on promoting the existing advantages of the oil and gas industry to develop new energy sources and renewable energy, especially: offshore wind power; coastal wind power; import and supply of LNG; development of gas power; production of energy equipment; distribution of storage batteries and charging stations for electric vehicles.
Promote the development of clean energy forms such as hydrogen, ammonia and new products with high added value for the market; improve the quality of oil and gas services, participate in the value chain of new energy and renewable energy.
The Group's units also proactively update and adjust strategies and long-term plans to suit new trends.
In parallel with the above orientations, Petrovietnam has implemented long-term scientific research programs to serve the Group's operations. Units within Petrovietnam have also proactively developed research programs in areas of strength, in line with the transformation orientation and development strategy of the unit.
Not only stopping at research and preparation, Petrovietnam has gradually participated and had initial successes in shifting towards new trends.
Units within the Group have also continued to promote investment in facilities and infrastructure, and promote cooperation and research with domestic and international partners to implement strategic directions.
In the spirit of “One team, one goal”, the entire Group works together to realize the goal of developing Petrovietnam into a national energy industry group.
It can be said that throughout the development process, Petrovietnam has always been at the forefront in contributing to the economy and effectively supporting the Government in ensuring national energy security and the security of the Fatherland's seas and islands.
With the role, position and mission of “Energy for development”, Petrovietnam is ready and confident to pioneer the new trend to successfully transform into a national energy industry group; playing an important role in implementing the national energy strategy, synchronously and in line with the country's economic, social and environmental development goals.
