Celebrating the 31st anniversary of Petrovietnam Gas Joint Stock Corporation
06:00 | 25/09/2021 Companies
(VEN) - Established on September 20, 1990, the Petrovietnam Gas Joint Stock Corporation (PV GAS) has become a key member of the Vietnam Oil and Gas Group (Petrovietnam). PV GAS develops the gas industry in accordance with Petrovietnam’s strategy, participating in all stages of the gas and gas product value chain, including collection, transportation, processing, storage, distribution and trading.
Vietnam’s gas industry was promoted with the first delivery of gas to the mainland from the Bach Ho (White Tiger) field on April 26, 1995. Since then, PV GAS has established and put into operation a relatively complete gas industry infrastructure system in Vietnam, including five gas pipeline systems spanning more than 1,500km, three gas processing plants with total capacity of over 10 billion cubic meters per year, 14 liquefied petroleum gas (LPG) storage facilities totaling almost 150,000 tonnes in capacity, and a nationwide gas and gas product distribution system, all with a total asset value of more than VND70 trillion.
PV GAS has become a powerful corporation with 19 member units and almost 3,000 highly qualified, experienced, dynamic and creative employees. Each year, PV GAS provides raw materials and fuel for production of nearly 15 percent of the country’s electricity output and meets 70 percent of the country’s demand for nitrogen and fuel for industrial parks. The corporation dominates the domestic dry gas market and has carved a niche of about 70 and 12 percent in the LPG wholesale and retail markets, respectively.
Over the past 31 years, PV GAS has provided more than 155 billion cubic meters of dry gas, almost 20 million tonnes of LPG, and about two million tonnes of condensate, with total revenue of about VND915 trillion, including a before-tax profit of over VND175 trillion, and paid nearly VND85 trillion in taxes to the state budget.
As a leading state-owned enterprise that plays an important role in ensuring national energy security, PV GAS will expand investment and other operations in all stages of the gas, LNG and gas product value chain, and gradually reach out to foreign markets. In addition, PV GAS will continue developing optimal gas industry infrastructure by bringing into play its available resources and experience, maintain its key role in investment and import of gas and LNG for electricity production and other purposes, diversify gas sources, strengthen processing and intensive processing, and diversify its range of products to add value and increase output.
The PV GAS vision is to develop into a stronger, sustainable and highly competitive enterprise with complete operations in all stages of the gas and gas product value chain, play a leading role in Vietnam’s gas industry and penetrate foreign markets. The corporation will continually develop its operational scale and realize commitments to customers and partners, develop its PV GAS brand on a sustainable basis, attract domestic and foreign investment capital, and realize the gas industry development strategy while ensuring the interests of shareholders and investors.
PV GAS will work hard to overcome difficulties and challenges, including the effects of the Covid-19 pandemic, and meet the growing competition in LPG trading and liquefied natural gas (LNG) supply, as well as the declining proportion of low-input-price gas sources, and changing policies. PV GAS believes that it will reach and accomplish its 2021 targets as well as its medium and long-term development goals.