Year 2010 - Good Time for PV OIL to Thrive

As a dynamic and strong member of the Vietnam National Oil and Gas Group (PVN), PV Oil operates with the aim of completely developing downstream activities of the oil and gas industry and becoming a leading corporation in the country, in the region and in the world. In addition, the corporation also undertake strategic missions to help ensure national energy security and a pioneer in developing alternative clean fuel and protecting the environment. With its modern and consistent infrastructure and technique for importing, exporting, storing and supplying activities, PV Oil always supplies enough of fuels for security, defence, production and consumption needs.

 

The development standpoints of PV Oil are to accelerate and make breakthrough but ensure sustainable effective performance, environmental safety and look towards a common interest of the whole society. Currently, activities related to building up brands and images are extensively being implemented in order to serve production and business operations more effectively. Always bearing in mind that the competitiveness originates from the perfection per se, hence, since its incorporation, PV Oil has made continuous effort to improve the quality of products and services. With its nationwide scale and scope and domestic and international multi-sector operations, PV Oil, at all times, pays due attention to combining values, quality, innovations, creativity and governance to enhance the competitiveness. PV Oil is also aware of the importance of completing the organizational apparatus, applying the flexible market-focused and customer-centred mechanism and developing in both dimension and depth, especially in expanding basic core values.

 

Additionally, the corporation has gradually installed and operated the enterprise resource planning (ERP) system and applied the ISO 9000 quality management system comprehensively and extensively.

 

Apart from the effort to implement comprehensive development strategies on upgrading operating scale, diversifying its business scopes and modernising infrastructure system to the international standard, PV Oil also constantly renovates and promotes its capacity to provide the products and services of the highest quality for the market to thus bring economic benefits to customers. With its dynamic business strategy and constant endeavour for perfection, in spite of being a newcomer on the market, PV Oil continually creates impressive breakthroughs and reaped more landslide successes. In 2008, total revenues of PV Oil was VND33,800 billion (US$2 billion), tax payment to the State Budget was VND3,300 billion and profit before tax was VND395 billion, beating the annual plan. In the third quarter of 209, the net profit was VND14 billion, up 131 % over the same period of a year earlier.

In addition to efforts to improve the quality of products and services, PV Oil also pays special attention to expanding its scales and strengthening cooperative relations. Accordingly, the corporation proactively searches for a business opportunities and willingly works with other partners on the basis of “sharing the interest and developing together.”

 

The year 2009 marked many important milestones of the PV Oil partnership. Specifically, on November 24, PV Oil signed a memorandum of understanding to purchase crude oil with China International United Petroleum & Chemicals Co., Ltd. (UNIPEC), a wholly owned affiliate to China Petroleum & Chemical Corporation (Sinopec) in a bid to strengthen mutual cooperation in searching, exploring and producing oil and gas in West Africa, South America and other places. More importantly, the corporation has recently signed a contract to acquire a Shell operation in Laos. Accordingly, PV Oil will own the entire stake in Shell Laos, including 0.06 % of the shares held by individuals. In case the 0.06 % stake could not be transferred, Shell committed that the individual shareholders would not affect to the management of PV Oil as for post-transference business of Shell Laos.

 

Mr Nguyen Xuan Son, General Director of PV Oil, said: The acquisition of Shell Laos is one of the first important steps in the PV Oil market share development strategy in regional countries, including Cambodia and Laos. Currently, Shell business operations in the Laotian market place are very good, laying the ground for higher ladders. PV Oil is confident that it will promote these achievements and continue building its business network in Laos.

 

Despite harsh market conditions and many economic changes in the country and the world, PV Oil will always firmly drive its ship out of strong winds and rough waves to assert its market foothold. Hopefully, the cooperation in 2009 will be an important milestone to open up many opportunities for PV Oil development in 2010 and in the following years and laying a strong stepping stone for PV Oil to extend its reach in domestic and international markets.