The 2017 Annual General Meeting of the Vietnam National Petroleum Group (Petrolimex/Group) shareholders convenes on April 25 at the International Convention Centre, 11 Le Hong Phong Street, Hanoi.

The meeting’s photo essay by Phạm Ngọc Tú is available here

The meeting was convened in accordance with the invitation No. 0410/PLX-TB-HDQT dated April 7, 2017 and announced by the Petrolimex Board of Management with the aim to discuss and vote on the 10 contents which Petrolimex shareholders had been informed of at www.petrolimex.com.vn/Nhà đầu tư and were reported to the State Security Commission of Vietnam in accordance with the Document No. 0479/PLX-TCKT dated April 14, 217.

Chairman of the Petrolimex Board of Management, Bui Ngoc Bao and Petrolimex General Director, Tran Van Thinh were elected as chairmen to preside over the meeting.

After hearing five reports and five proposals, shareholders discussed related contents before they voted on the contents with high consensus and in conformity to the meeting’s rules.

Besides publicising the 2016 business performance, the Petrolimex’s shareholders unanimously determined the direction, tasks and plan for 2017 with major contents as follows.

Regarding the direction, the Group continues to improve the quality of corporate governance, strengthen international integration with the aim to enhance business efficiency and sustainable development, and pay dividends at the rate of at least 12%.

Regarding tasks, the Group will focus on: restructuring in accordance with the Government’s direction, strictly complying commitments made when listing shares on stock exchange and legal regulations on listed public companies, completing the planning of the material facilities for petroleum trading in the 2017-2022 period with a vision to 2030, enhancing the efficiency of capital use through the synchronous application of numerous measures, increasing international integration through boosting business investment outside the Vietnamese territory, and making further contributions to the development of legal policy in the fields of petroleum investment and trading.

Regarding solutions, the Group will focus on three key solutions, of which first and foremost is to ensure safety in all aspects of production and business. In the field of petroleum, the Group will focus on source management and closely monitoring the exchange rate policy, increasing the flow of capital for efficient use of capital, increasing sales volume in all channels, especially the direct retail channel, effectively promoting the protection of Petrolimex on the basis of active and good co-ordination between Petrolimex member companies and local authorities and Central ministries and departments in order to maintain the reputation of Petrolimex brand in the market, continuing the cost reduction programme to improve the efficiency of production and business, and determining the plan and roadmap for the application of invoices in accordance with the Circular 15/2015/TT-BKHCN by the Ministry of Science and Technology. For the specialised business sector (non-petroleum), the Group will speed up the restructuring in a scientific and streamlined manner; and strengthen the internal linkage to bring into full play the Petrolimex’s synergy.

Petrolimex’s shareholders expressed their belief in the Group leadership and called for the whole staff of Petrolimex to continue working hard with the spirit of renovation and innovation for a bright future of all of us.

Minutes of the shareholders’ 2017 annual meeting is available here

Resolution of the shareholders’ 2017 annual meetingis available here

More news reports and photos about the shareholders’ 2017 annual meeting are available here