It is expected that PV GAS Exceed your 2024 production and business goals with numerous historical records and milestones. These achievements affirm that the Corporation has been able, once again, to overcome challenges, including a greater than expected decline in the national supply and demand of gas for electricity generation, fierce competition from alternative energy sources and an incomplete regulatory framework for the gas/LNG sector.
This year, PV GAS successfully imported 400 million cubic meters of LNG for power customers during the peak dry season and supported the commissioning of the Nhon Trach 3 power plant project.
In 2024, imported LNG will also be used for the first time for power generation in Vietnam. PV GAS successfully supplied LNG to northern regions of Vietnam via rail and tankers, starting in September 2024.
These milestones showed the expansion of the PV GAS energy supply network throughout the country. Additionally, the Corporation carried out its first international LNG trade agreement, for more than 70,000 tons, marking its entry into the global LNG market.
In terms of production, PV GAS is expected to exceed all set targets: gas reception (including imported LNG): almost 7 billion cubic meters (102%); gas production and supply (including regasified LNG): more than 6.4 billion cubic meters (102%); condensate production and consumption: more than 76,000 tons (100%); LPG production: 392,000 tons (101%); LPG commercialization: almost 3.1 million tons (166%; year-on-year increase of 25%; capture of 70% of the national LPG market share); and international LPG sales: almost 1.5 million tons (68% year-on-year increase).
PV GAS launches a marathon: “PV GAS, journey for green energy”
From a financial point of view, PV GAS is also expected to exceed the objectives set by 50-82% in all indicators. Revenue and profit are expected to reach record highs, with significant growth compared to 2023: Total revenue: nearly VND 130 billion (10% increase year-on-year, accounting for approximately 13% of Petrovietnam’s total revenue) ; consolidated revenue: nearly VND 105 billion (150%; increase 14% year-on-year); pre-tax profits: more than 13 billion dong (182%, which is almost 25% of Petrovietnam’s total profits); and tax contributions: more than 6 billion dong (161%).
PV GAS, in 2024, actively invested in infrastructure, and disbursements are expected to reach almost VND2,000 trillion, 101% of the target. Key projects include: gas supply system for Nhon Trach 3 and 4 power plants; preparatory work for a large-scale LNG storage project in Binh Thuan province and expansion of the capacity of Thi Vai LNG terminal to 3 MTPA; infrastructure optimization to increase the shipping capacity of the Thi Vai LNG terminal to 7.7 million cubic meters per day; location search for LPG refrigerated storage facilities and LNG terminals in northern Vietnam; etc
PV GAS successfully imported 400 million cubic meters of LNG for power customers during the peak drought season
The restructuring of PV GAS and the establishment of PV GAS International in Singapore by January 2025 continue to accelerate, for the Corporation to improve its operations, promote its business activities and align with the global energy transition trend.
Social welfare, brand communication, cost reduction and enterprise resource planning (ERP) have been strongly implemented, ensuring stable employment and income for employees across the Corporation.
Amid rapid changes in the global energy industry, PV GAS has designated 2025 as the “Year of Gas Market Development.”
As part of Petrovietnam’s vision of becoming a National Industrial-Energy Group, PV GAS remains committed to its leading role in establishing a competitive energy market, with a great contribution to national energy, food and economic security, by while expanding internationally and being a pioneer in sustainable energy development. These efforts will bolster Vietnam’s oil and gas industry during the nation’s “Growth Era.”
Add Comment