PM asks new PetroVietnam chief to handle loss-making projects

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A teleconference ceremony for the event was held on January 3 in Ha Noi, connecting with Ho Chi Minh City, the northern port city of Hai Phong, the central coastal province of Quang Ngai, Vung Tau city in Ba Ria-Vung Tau province, and Soc Trang and Ca Mau provinces in the south. 

Tran Sy Thanh, newly-appointed chief of PetroVietnam. (Photo: PetroTimes)

In December 2017, under a decision issued by the Politburo, Thanh, member of the CPVCC, Secretary of the Lang Son Party Committee and head of the delegation of deputies of the 14th National Assembly of Lang Son province, was relieved of his positions in the Lang Son Party Committee during 2015-2020 to assume the post of deputy head of the CPVCC’s Economic Commission and Chairman of the PetroVietnam Member Council. 

He was then designated by the Secretary of the Party Committee of the Central Business Bloc as a member of the Party Committee of PetroVietnam and its Standing Board, and Secretary of the committee for the 2015-2020 term. 

Addressing the ceremony, PM Phuc asked the newly-appointed chief of PetroVietnam to well perform tasks assigned by the Party and State. He applauded efforts made by PetroVietnam to surpass its assigned targets and ensure living conditions of its staff despite wrongdoings in management  committed by several officials of the group, which he described “a very expensive price”, plus uncertainties in the East Sea and dropping oil price for many years. 

Stressing the important role played by PetroVietnam in national construction and defence, the leader urged the group to ensure effective production and contribute to protecting and affirming national sovereignty, and guaranteeing national energy security at the same time.  He also asked the group to implement the Politburo’s Resolution No. 41 on strategic orientations for the development of Vietnam’s oil and gas sector by 2025 with a vision towards 2035. 

Underlining great contributions of PetroVietnam to the national gross domestic product (GDP), PM Phuc said the group should coordinate with relevant agencies to carry out offshore oil and gas projects on Vietnam’s continental shelf. 

Besides, PetroVietnam needs to restructure its human resources, implement equitisation and capital divestment during 2017-2020 as approved, and promptly submit to the PM the project on comprehensive restructuring of the group during 2017-2020 and other restructuring projects, looking towards a streamlined apparatus and sustainable development, he said. 

The leader requested PetroVietnam to fast-track the implementation of key national projects and its leaders to continue drastically handling loss-making projects. PetroVietnam needs to further cut expenditures and combat wastefulness and other bad deeds in a number of its member units, and improve productivity as well as material and spiritual life of its staff, he said. 

In 2017, PetroVietnam’s total turnover exceeded the set target by 13.8 percent and its contribution to the State coffer also surpassed the target by 30.8 percent. The group’s post-tax profit totaled 31.9 trillion VND (1.4 billion USD). 

Annually, the group contributes 20-25 percent of the State budget.

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