Result 2019:
13.09

Crude oil
Million Tons

10.20

Gas exploited
Billion M3

22.54

Electricity
Billion KWhs

1.577

Fertilizer
Million Tons

11.500

Petroleum
Million Tons

PVN and Petrolimex strengthen coordination to cope with falling oil prices

In response to the double impact of Covid-19 epidemic and sharp decline in oil prices, on 3rd April, Vietnam National Oil and Gas Group (PVN) and Vietnam National Petroleum Group (Petrolimex) organized an online meeting to discuss and exchange solutions of coordination between the two Groups in trading petroleum products.

Presiding at the meeting were Mr. Le Manh Hung, President and CEO of PetroVietnam and Mr. Pham Duc Thang, General Director of Petrolimex. Attending the meeting were leaders from the Executive Management Board, Divisions of PVN and Petrolimex. 

 

Overview of the meeting

At the meeting, the delegates heard reports about the situation of market, production and business in the petroleum sector of the two Groups, cooperation between the two Groups in the first quarter of 2020 and expected plan for production and business in the following months. Especially, they shared information about production activities at Dung Quat Oil Refinery and Nghi Son Oil Refinery and Petrochemical Plant as well as discussed methods to cope with inventories in the two plants in the context of oversupply of petroleum market. 

 

The meeting at PVN’s side  

In the context that the domestic and world markets are volatile due to the Covid-19 epidemic and the sharp decline in oil prices, the production and business activities of petroleum products of PVN and Petrolimex have significantly been affected. However, with timely and urgent solutions and close cooperation between the two Groups, the cooperation between PVN and Petrolimex in petroleum business in the first quarter of 2020 has basically been completed, ensuring the common plan between the two sides. 

Through exchanges at the meeting, PVN and Petrolimex wished to continue strengthening cooperation and information exchange between the two sides in order to respond promptly to market movements, take advantage of opportunities, seek and strengthen opportunities of cooperation between the two Groups. PVN and Petrolimex pledged to continue to perform well, in accordance with their obligations and responsibilities in cooperation between the two sides, and were willing to facilitate and share with the difficulties facing the two sides, ensuring stable production and business activities. 

 

 PVN President & CEO Le Manh Hung spoke at the meeting

PVN and Petrolimex leaders agreed in discussing and having recommendations and proposals to the competent authorities for consideration of the mechanisms and policies to remove difficulties for petroleum trading enterprises in the current difficult context. 

Exploration & Production