BUSINESS Updated at 09:15:02 08/04/2020  (Views:  55 )
Petrolimex fulfilling its role i

Petrolimex fulfilling its role in energy supply

The Vietnam National Petroleum Group (Petrolimex) has met the majority of the goals set for the 2015-2020 period, paying nearly 188 trillion VND (about 8.036 billion USD) to the State budget while exhibiting strong performance in ensuring energy security, meeting demand for petroleum, and contributing to social welfare activities.

The headquarters of Petrolimex in Hanoi (Photo: VNA)

Over the past five years, the group has maintained a key role in petroleum trading, doing its part in meeting energy needs for socio-economic development as well as national security and defence.

Sales grew 6.9 percent each year on average over the last five years, while revenue grew 8.1 percent, assets 5.4 percent, and pre-tax profit 11 percent.

Petrolimex is one of the largest contributors to the State budget in the country, forwarding more than 37.6 trillion VND each year. The company employs 26,000 workers, whose incomes rise 8 percent each year.

Along with petroleum, the company has posted success in other fields of endeavour, which make up 45-50 percent of its total profits.

In the 2017-2020 period, Petrolimex was among the 50 best listed companies in Vietnam each year.

It has ensured the security of nearly 60 percent of national petroleum reserves.

As a State-owned enterprise with a key role to play in the domestic petroleum market and with a network of petrol stations spanning all the 63 cities and provinces throughout the country, Petrolimex has long been providing all types of fuel in service of national security and meeting demand among the population, even in particularly difficult periods. The company currently has a network of nearly 2,600 petrol stations and more than 2,500 franchise establishments.

Meanwhile, it goes to significant effort every single year to transport petroleum to mountainous areas where no other companies have petrol stations, earning only a modest profit from doing so.

Regarding social welfare activities, it has come together with localities around the country to explore the needs of the vulnerable in society and to design suitable support activities and programmes for them.

The company has to date focused on sustainable activities such as improving the living conditions of the needy, boosting the quality of health care and education, and taking care of policy beneficiaries and the less-fortunate in general.

Petrolimex and its member companies set aside more than 300 billion VND to be spent on social welfare activities around the country in the 2015-2020 period.

For example, over the last 10 years its staff have raised nearly 80 billion VND in cash and gifts for the needy in Dong Van district in the northern mountainous province of Ha Giang, to help them escape from poverty and near-poverty, contributing to ensuring social welfare in the province and the region more broadly.

The company has also become an official and active member of the National Fund for Vietnamese Children, the Vu A Dinh Scholarships, and the Fund for the Poor run by the Vietnam Fatherland Front Central Committee. Each and every year, representatives from Petrolimex have visited and presented gifts to war invalids and others who rendered their services to the country and now live in nursing centres.

Of particular note, immediately after COVID-19 was first found in Vietnam, the company donated more than 14.1 billion VND to support prevention and control efforts.

To ensure it continues to perform its role as the leading energy company in Vietnam, Petrolimex will maintain its focus on meeting all of its business targets while completing all of its social welfare activities at the same time.

For the 2020-2025 period, the Party Organisation at Petrolimex will strive to continue to enhance its leadership capacity.

Source: VNA

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