11:03 | 16/10/2019 Companies
(VEN) - September 2019 marked the 30th anniversary of the establishment of the PetroVietnam Gas Joint Stock Corporation (PV Gas). Over the past 29 years, its staff members of all generations have worked hard and brought into play their creativity to create new solutions for the Vietnamese gas sector, being confident of their ability to master the entire process of building, managing and operating gas works.
PV Gas has become one of the leading units of the Vietnamese oil and gas sector in terms of revenue, profit and tax payment. For many consecutive years, the corporation has fulfilled or exceeded all the plans assigned to it. PV Gas has become the number-one supplier of dry and liquefied petroleum gas (LPG) in Vietnam, contributing to ensuring national energy and food security. It has been listed among the largest businesses in the Vietnamese securities market, the most dynamic companies in Asia and the top corporate income tax payers in Vietnam.
Over the past 29 years, PV Gas has maintained stable, safe and effective operations in all stages of the Vietnamese gas industry, including collection, import, transportation, storage, processing and trading in gas and gas products. Every year, the corporation produces and supplies about 10 billion cu.m of gas, more than one million tonnes of LPG, 250,000 tonnes of condensate, meeting the demand for materials and fuels to produce more than 30 percent of the electricity output and 70 percent of nitrogenous fertilizer output, and holding a more than 60 percent share of the domestic LPG market, serving the industrial and transport sectors and consumers nationwide.
PV Gas is one of the key members of the Vietnam National Oil and Gas Group (PetroVietnam). Its revenue currently accounts for about 20 percent of consolidated revenue of the entire group and is equivalent to about two percent of Vietnam’s gross domestic product. PV Gas pays more than VND4 trillion of taxes to the state budget annually.
Since the first flow of gas was brought to shore from the Cuu Long Basin in 1995, PV Gas has supplied the market with 135 billion cu.m of gas, 15 million tonnes of LPG and 1.8 million tonnes of condensate, making profits of VND149 trillion and contributing about VND70 trillion to the state budget.
Along with expanding operations nationwide, PV Gas and its member units have carried out social security activities to provide support for individuals, families and localities facing difficulties. Every year, the corporation spends nearly VND100 billion on social security activities, focusing on providing funds for education, training and healthcare programs, building houses for charitable purposes, helping people overcome the consequences of natural disasters and providing humanitarian aid.
Recognizing its great efforts and achievements, in 2015, the Vietnamese President conferred the Labor Hero title on PV Gas. The corporation has also received other noble awards, including the Second and Third-class Independence Medals, the First, Second and Third-class Labor Medals. For six consecutive years, Forbes listed PV Gas among the top 50 listed companies in Vietnam. Nikkei Asian Review listed PV Gas among the 300 most dynamic businesses in Asia. PV Gas is one of the largest corporate income tax payers in Vietnam. It stands among the top 100 businesses nationwide in terms of financial management index and is one of the largest businesses in terms of capitalization and cash dividend. These recognitions reflect PV Gas’ significant contributions to the Vietnamese economy and society, as well as affirm its market position.
The Party Committee Secretary and Management Board Chairman of PV Gas, Nguyen Sinh Khang, said the enthusiasm and creativity of all leadership and staff members and their contributions are major factors making up the corporation’s success. Aware of this, PV Gas always considers human resources the most valuable asset of the corporation. It has created the best conditions for workers to bring into full play their capabilities, encouraging them to take the initiative at work. PV Gas also attributed its success to the guidance and support of the government, ministries, sectors and PetroVietnam, as well as the cooperation and coordination with its customers and partners.
Entering the 30th year of development, PV Gas is aware of challenges facing it. Specifically, natural gas extraction from existing fields in Vietnam is declining; existing gas works have become old and need to be maintained and repaired, while the operation, maintenance and repair costs keep increasing; the number of equipment failures causing interruptions in gas supply from the upstream is also growing; regulations pertaining to investment in the construction of gas works are too complicated, leading to difficulties in implementation, which hinder the progress of projects; new gas projects are costly and risky.
To promote PV Gas’ sustainable development, its Party Committee Secretary and Management Board Chairman Nguyen Sinh Khang appealed to all leadership and staff members to continue bringing into play the tradition of a heroic unit and make joint efforts to implement its tasks and contribute to the development of PetroVietnam.