The State Capital Management Committee in Enterprises has just issued Decision No. 107 dated March 15, appointing Mr. Le Ngoc Son, Deputy General Director of Vietnam Oil and Gas Group (PVN), as a member of the PVN Council.
Mr. Le Ngoc Son, born in 1972 in Thanh Hoa province, holds a Masters’s degree in mining technology. In 2016, he held the position of Party Secretary, General Director of Phu Quoc POC, and managed the Lô B Gas Project (upstream phase), a national key project in the Lô B – Ô Môn project series.
From 2021 to now, he has been the Deputy General Director of the Group, responsible for the exploration, exploration, and exploitation of oil and gas.
Mr. Le Ngoc Son has been appointed as a member of the PVN Council.
In 2023, PVN achieved record revenue of VND 942.8 trillion, exceeding the yearly plan by 39% (VND 677.7 trillion), and exceeding the record set in 2022 by VND 11.6 trillion. The Group contributed VND 151.8 trillion to the state budget, surpassing the target by 94%.
In 2024, PVN sets a target of VND 734.2 trillion in revenue, exceeding last year’s plan by VND 56.5 trillion, an 8% increase. The expected contribution to the state budget is VND 94 trillion, a 20% increase compared to the target of 2023. The consolidated pre-tax profit is expected to reach VND 22 trillion.
In other news, at the conference on implementing monetary policy management tasks in 2024 on March 14, Mr. Le Manh Hung, Chairman of the PVN Council, said that the structure of assets and debts at PVN, especially credits, is currently about VND 240 trillion.
“If the interest rate increases by 1%, the capital cost of PVN will increase by about VND 2.4 trillion per year. Therefore, restructuring capital and finance in business operations, especially in PVN’s investment projects, is very important, helping investment projects and the entire Group reduce the average capital cost in each project, similar to the Nghi Son oil refinery project that the Prime Minister has directly instructed in the restructuring of borrowings from credit organizations and banks worldwide,” according to Mr. Le Manh Hung.
Currently, PVN is in the process of negotiating with banks to restructure these loans with new loans that have lower average capital costs, helping to optimize production and business costs to overcome difficulties.
According to the 2021-2025 plan, PVN plans to mobilize about VND 250.3 trillion from credit for investment and development.
