Context of sustainable development
2020 was a particular difficult year for all enterprises in general as well as for Petrolimex in particular. Disadvantageous factors continuously lasted from beginning to end of 2020 have had direct and big impacts on business and production activities of Petrolimex.
Impacts from market in the global context
Covid-19 pandemic was the prominent and remarkable event in 2020 that broke out early 2019 and spread across the world. Covid-19 pandemics is now very complicated causing serious impacts ever in decades in all aspects from economy, politics, society, health, etc. The global economy falls into serious recession and its consequences may last in many coming years.
Impacts of Covid-19 pandemic combined with geopolitical issues in Middle East have led to spectacular collapse of the global oil price (for the first time in history, first time ever in history, on 20th April 2020 the crude oil dropped below zero for WTI crude contract in May 2020), the global oil industry has experienced a shock, suffered losses, many oil fields and oil refiners closed their processing plants, many oil companies declared bankruptcy in 2020. Global oil and gas firms such as SK, BP, Shell, etc. suffered big losses.
Impacts from Vietnam petroleum market
- Vietnam has been seriously hit by Covid-19 pandemic, causing impacts on almost sectors, socio-economic activities, daily lives of people.
- Petroleum supply for the Group from regional markets and from domestic refineries is unstable.
- In 2020, Vietnam recorded a year of continued and unpredictable natural disasters and flood in Central region, causing heavy effects to provinces from Nghe An to Quang Ngai.
- Competition in the domestic petroleum trading market is increasingly fierce, especially in intermediary sales channels.
With the achieved results, we believe that in 2021 and in this new decade, Petrolimex will continue maintaining sustainable development and growth, strengthening international cooperation with large corporations around the world to catch up with the trend of energy transition as well as deeply and widely digital transformation in the global scale.
Pham Van Thanh
Chairman of Board of Management
SUSTAINABLE DEVELOPMENT INDICATORS
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VND
Social resonsibility
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Total CO emissions reduced
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VND
State budget contribution
Material Topics
Maintain its target of becoming a pioneering company in effectively economic development and sustainable development, fully fulfil responsibility for social development and community through creating stable and sustainable jobs for laborers, contributing to local economic development, well fulfilling tax obligation to the State as well as positively participating in social security, especially ensuring energy security for national defense now and in the future.
In parallel with business activities, social responsibility activities are always carried out responsibly and methodically by Petrolimex. In each social activity, Petrolimex actively cooperates with local authorities to implement effectively, practically, in accordance with the financial regime and relevant management regulations.
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Total amount for
Covid-19 funding
Total laborers
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Donation to to flood victims
in Central Vietnam
Continue to enhance achieved results based on making absolute safety in all production and business activities a top priority, stable management system and drastic leadership accompanied by clear, mid-term and long-term goals.
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Total revenue 2020
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Consolidated Profit before Tax
VND
Total Asset
"Continue investing and raising responsibility for environmental protection to minimize environmental pollution, preventing oil leak or spills, ensuring laborers and customers’ health. Synchronously implement solutions based platform of digital transformation to research and apply environmental science and technology in many fields effectively, reducing single-use plastic wastes replaced by recycled glass pots or jars, deploying steam recovery system, installing floating roof, reflective paint in storage tanks to minimize gasoline vapors released to the environment, installing system of oil spill tracking buoys and devices, firefighting foam and lifeboats in rivers and sea, etc.
Strengthen R&D on new, clean, environmentally friendly products such as Liquefied Natural Gas (LNG), strive to become Vietnam’s leading energy corporation pioneering in supplying clean energy to clean industries, constantly pursue innovation and creativity, open door and catch opportunities from global and regional integration."
Total CO emission reduced
Total NOx + HC emission reduced
Total PM dust reduced
Governance for Sustainable Development
Over 65 years of establishment and development, Petrolimex has built a sustainable and effective governance model based on harmonious combination of following factors.
Solid foundation for governance structure
Toward international standards
Compliance with practicesand laws of Vietnam
