VietNamNet Bridge – Prime Minister Nguyen Tan Dung has ordered PetroVietnam to accelerate its divestment from non-core businesses this year to make its operations more effective.

Last year, PetroVietnam met all its targets. Total revenue for PetroVietnam and its affiliates in 2013 soared to a combined VND762.86 trillion (US$36.33 billion), 18 per cent higher than the target set for the year.     Prime Minister Nguyen Tan Dung has ordered PetroVietnam to accelerate its divestment from non-core businesses this year to make its operations more effective.

In his speech delivered at the group's meeting to launch its 2014 operations plan, held in Ha Noi yesterday, Dung asked PetroVietnam to focus on equitisation.

He noted that the restructuring process should be closely linked to building healthy units and improving the professionalism of the staff.

He hailed the group for its significant contributions to the country's socio-economic development, especially those related to the State budget and measures to ensure energy security.

The PM asked PetroVietnam to complete its tasks efficiently, focusing on oil and gas exploration and exploitation, while extending co-operation with other partners in this field.

In addition, it was urged to fully limit investment risks and to efficiently drive oil refinery activities.

Last year, PetroVietnam met all its targets. Total revenue for PetroVietnam and its affiliates in 2013 soared to a combined VND762.86 trillion (US$36.33 billion), 18 per cent higher than the target set for the year.

The group contributed VND195.4 trillion ($9.3 billion) to the State budget, which was 4.5 per cent higher than a year ago and was 31.5 per cent higher than the target for that year.

Total pre-tax profit climbed to VND62.8 trillion ($3 billion), which represented a year-on-year increase of 27.5 per cent.

PetroVietnam generated and transmitted 16.17 billion kWh of power to the national electricity grid, surpassing its target by 16.7 per cent.

Its oil and gas exploration and exploitation initiatives have also been actively implemented both inside and outside the country.

It also strictly controls the progress of the country's key oil projects.

PetroVietnam has obtained the necessary approvals and instructed its affiliates to implement a restructuring plan for the period 2012-15.

Its power and oil refinery plants are operating safely. In addition, science and technology activities have also been actively implemented by the group.

Source: VNS