The Annual General Meeting of Shareholders 2016

On the morning of April 28th 2016 at Palace Hotel, PetroVietnam Technical Services Corporation (PTSC) has successfully organized the Annual General Meeting of Shareholders 2016 with the presence of representatives from major shareholders, namely Vietnam Oil and Gas Group (the Group), Leaders of PTSC as the participation of hundreds of individuals representing the Shareholders who are investors, organizations, individuals currently owning shares of PVS.

On behalf of the Board of Management, Mr. Thai Quoc Hiep – Chairman of the Board of Directors, Mr. Phan Thanh Tung – General Director presented reports on performance of Board of Directors and business performance in 2015. Reports addressed at the General Meeting clearly stated that 2015 is the most difficult year for the oil and gas industry in general and PTSC in particular because sharp decline in crude oil price since the end of 2014 so far has directly affected the production and business activities of PTSC.

Mr. Thai Quoc Hiep and Mr. Phan Thanh Tung also emphasized that “To cope with those difficulties, PTSC carried out several solutions, organized the implementation of several action programs with maximum cost-saving, reviewed investment activities in key sectors, mobilized all resources and focused on  drastic leadership and direction with an aim to maintain effectiveness in business performance. In addition, PTSC also put a focus on setting up development strategy of  human resources  ,  corporate restructuring and governance  ,  continuing to improve the organizational structure and manage the corporate in the streamlined  and  efficient  direction with the application of management procedures  in  accord  ance with  international standards, promoti  n  g the development of business activities  by seeking  new  contracts  and  services  .  The efforts to overcome difficulties of leaders of PTSC, its staff and employees in the context of sharp decline in oil prices are reflected in business performance of the year 2015. Total consolidated revenue of the whole year 2015 is 23,734.8 billions dong equal to 87.9% of the annual plan; consolidated profit before tax is 2,015.1 billions dong, equal to 155.0% of the annual year.

The shareholders at the General Meeting recognized achievements in the year 2015, highly appreciated efforts, strong determination, creativeness, dynamics and spirit to overcome difficulty of the Board of Management and the whole staff of PTSC in the context of difficulties and challenges. On behalf of the whole staff and employees of PTSC, the Board of Management delivered sincere thanks to the shareholders and acknowledged their supports with determination of more severe difficulties that PTSC would face with in 2016. However, bringing into full play of the tradition of a “Hero of Labour” unit, Leaders and all employees of PTSC would continue to effort to keep the objectives of maintaining business stability and performance, seizing every opportunity to overcome challenges for successful implementation of the responsibilities entrusted by the General Meeting.

After a half-day of working seriously and effectively, the Annual General Meeting of Shareholders 2016 of PTSC successfully concluded with absolutely approved reports and statements.

Le Anh Thu – Office of Corporation