Petrovietnam Strengthens Energy Risk Strategy Amid Global Oil and LNG Volatility

SEATTLE (Oil Monster): Vietnam’s state-owned energy giant Vietnam National Industry - Energy Group (Petrovietnam) has outlined a series of actions to counter growing risks linked to volatile global oil and liquefied natural gas (LNG) markets.

Speaking at a recently held seminar, Pham Tuan Anh, a member of the Board of Members at Petrovietnam, said ongoing conflicts in the Middle East have resulted in an escalation of uncertainties across global energy markets, supply chains and macroeconomic conditions.

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According to the company, fluctuations in crude oil prices are badly impacting the revenue, inventories, and cash flow of companies. Also, feedstock supply for refineries and petrochemical facilities continues to remain under threat of disruptions. The excessively high oil prices are likely to result in additional financial and investment risks for downstream operations, it noted.

Petrovietnam, in an attempt to address the above risks, has decided to strengthen its inventory optimization and cash flow management. Also, it will pay increased attention to digital transformation and risk management initiatives. Additionally, it plans to boost investments in LNG, offshore wind, hydrogen and other alternative energy projects, which in turn could reduce dependence on imported fuels.