In the context of sharp drop in crude oil price on global market leading to a double crisis to Oil and gas industry. Petrovietnam (PVN) and its member units, had done their parts, proactively and actively implemented the synchronous solutions in response to the double crisis from Covid-19 and the drop in oil price, they aimed to protect the Petrovietnam employees’ health while maintaining the business & production activities, minimize the impact of the pandemic and the drop in oil price.

All employees, workers and officers (CBCNV) of the Group had and had been actively supporting, cooperating, coordinating with the Group to walk through this difficult and challenging time. It had been proven by the Group’s business & & production result in quarter I/2020. Organizations, units, individuals of the Group also contributed billions of cashes to support the pandemic prevention; many essential products with PVN brand had been manufactured and provided for the people nationwide (Face masks, hand sanitizers, …); thousands of PVN customers had responded by changing their personal Facebook avatar to express their determination in working together, coordinating and going through the crisis …

However, due to the double crisis impact of pandemic and the oil price, the Group and its member units’ operational result of March had been affected negatively and was anticipated to continue to go through a hard time in quarter II and 2020, particularly the oil price had dropped from 60-70 USD/barrel at the beginning of the year to about 20 USD/barrel in the past few days and it was anticipated to be in a low level extendedly. Many global major petroleum groups, companies had to reduce personnel, lay off their workers.

PVN leaders had determined the highest goal was to protect the employees; PVN had and currently had been adapted various measures to protect health, safety, environment and employment. Now more than ever, Petrovietnam employees in general and employees, workers and officers of the parent company – PVN had employed the spirit of overcoming the difficulties, working together, cooperating to overcome the most difficult time of the Group; Firstly, it is necessary to implement the following methods:

Promote the working spirit to raise productivity, use facilities, working tools economically, effectively and avoid wasting … it applied to all employees, workers and officers working at the head quarter as well as working online at home.

Inspect, reduce any cost in the plan, which was not really necessary, tried not to propose the incurred cost, if it is not required to be solved to reduce the costs in accordance with the revenue (at least 15 – 30%);

As the planned oil price was 60 USD/barrel, it would be sufficient to pay 18 salary months in 2020; however, the pandemic and sharp drop in oil price had caused the business & production result to be impacted severely. Therefore, now more than ever the Group’s employees, workers and officers needed to “share joys and sorrows”, go through the hard time together and share difficulties through particular and practical actions, including personal salary and income reduction in this period. As a rule, “after the rain comes fair weather” – after the pandemic had gone, oil price became stable again, each employee would surely feel more proud and exciting for their achievements and confidently enter the new path with the Group.

In fact, it had been proven in the hard and difficult time, the spirit, willpower and courage of the fire seeker would be promoted and shone even more. Each Petrovietnam employees would always “dedicated, devoted”, absolutely comply with the directions of Central government, Government, the Group leaders and National steering committee for Covid-19 prevention and control of multi-level; effectively contribute to Petrovietnam to work together through the hardest time in history – leaving the most important mark in the establishment and development history of Petrovietnam./.

Source: PVN