Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) is setting a double-digit growth target of over 10% for 2025.

Building on its impressive performance over the past 11 months, when key business targets were exceeded, the group is focused on reaching its 2024 management goals while laying the foundation for this ambitious growth in the coming year.

To date, Petrovietnam has recorded positive cash flow, increased production and higher inventories compared to the start of the year. The company's fertiliser plants, power plants and Dung Quat refinery, along with other subsidiaries, have finished their 2024 maintenance, ensuring smooth operations and room for growth.

In addition, bottlenecks in the legal and policy framework for the oil and gas industry have been resolved, which is expected to open up more growth opportunities for Petrovietnam and its subsidiaries in 2025.

Petrovietnam forecasts that global oil prices will remain volatile in 2025, particularly due to ongoing conflicts in the Middle East. Demand from China, the world’s largest crude oil importer, is also unpredictable.

In its latest report on 11 December, the Organisation of the Petroleum Exporting Countries (OPEC) reduced its global oil demand growth forecast for 2025, the fifth consecutive month of revisions. OPEC now expects oil demand to grow by 1.45 million barrels per day, 90,000 barrels less than last month’s forecast, but still showing strong growth compared to pre-COVID-19 levels.

Ending November, Petrovietnam surpassed its major production targets by 1.3% to 15.1%, compared to the same period in 2023. Five out of nine growth indicators, including natural gas extraction, electricity production, LPG, condensate and NPK fertiliser showed positive growth.

Financially, the group exceeded all six financial targets by 2% to 57%, achieving its objectives 3 - 5 months ahead of schedule.

However, the higher macroeconomic growth target for 2025 brings both opportunities and challenges for key state-owned companies like Petrovietnam, requiring them to take proactive steps.

To achieve its growth target for 2025, Petrovietnam will focus on improving management and implementing Resolution 18-NQ/TW, which aims to streamline and modernise the political system’s structure. The group plans to streamline its organisational structure to enhance efficiency and effectiveness, ensuring it is well positioned for long-term success.

The group will focus on identifying risks, seizing opportunities in energy sectors like electricity, LNG and offshore wind, and improving operational efficiency. The group will also strengthen international partnerships and fast-track key projects.

Petrovietnam has also made significant strides in the energy transition, with offshore oil and wind energy events receiving high praise from Prime Minister Pham Minh Chinh. The group's energy diversification strategy aligns with its long-term sustainable growth goals.

During the first 11 months, Petrovietnam's revenue reached over 903.84 trillion VND (roughly 36 billion USD), up 7% from 2023, and it is on track to exceed 1 quadrillion VND. The group's tax contributions to the state budget were nearly 140.5 trillion VND, a 5% increase compared to the same period last year.

Petro♏vietnam’s consolidated pre-tax profit accounts for nearly 45% of the total pre-tax profits of 19 state-owned corporations managed b𒐪y the State Capital Investment Corporation (SCIC)./.