PV GAS reaches 2020 target ahead of schedule

15:29 | 28/10/2020 Companies

(VEN) - In spite of the negative Covid-19 impact, the PetroVietnam Gas Joint Stock Corporation (PV GAS) reached or exceeded most targets of the first-nine-month plan assigned by the Vietnam Oil and Gas Group (PVN). Its production and financial targets surpassed the set plans by 3-51 percent, and 7-64 percent, respectively.

pv gas reaches 2020 target ahead of schedule
The LNG Thi Vai terminal warehouse project

The information was reported recently by the PV GAS leadership to a PVN delegation led by President and CEO Le Manh Hung visiting the southern member units of PV Gas.

Specifically, in the first nine months, PV GAS received almost 6.98 billion cubic meters of wet gas (one percent higher than the target) to produce almost 6.8 billion cubic meters of dry gas (three percent higher than the target), 44,500 tonnes of condensate gas (nine percent higher than the target) and nearly 1.45 million tonnes of liquefied petroleum gas (LPG), 51 percent higher than the target.

In the first nine months of 2020, the firm reached total revenues of an estimated VND49.42 trillion (seven percent higher than the target) and a before-tax profit of more than VND7.57 trillion (28 percent higher than the target) while paying over VND3.5 trillion in taxes to the state budget (64 percent higher than the target). PV GAS reached the 2020 tax payment target three months ahead of schedule. The firm forecasts its total 2020 revenue will drop VND66.16 trillion and post-tax profits will be halved to VND6.63 trillion. The corporation plans to pay a dividend rate of 30 percent.

PV GAS continues to realize construction investment despite difficulties. The parent company implemented 22 projects with total invested capital of more than VND6.8 trillion, taking the corporation’s total to 42 projects with total invested capital of almost VND7.33 trillion.

So far this year, PV GAS has reached the LPG production-trade and tax payment targets. Financial indicators, which are lower than those in the same period last year, are mainly due to decreases in the output of gas transported to shore, and a decrease of 37, 40 and 10 percent in the average price of Brent oil, FO oil and LPG, respectively.

pv gas reaches 2020 target ahead of schedule
Recent meeting between PVN leaders and PV GAS

Tasks for the rest of the year

In the last three months of 2020, PV GAS will focus on the following tasks:

First, to work closely with member units of the Nam Con Son 2 project chain to connect and safely operate gas projects; to coordinate with members of the gas line to perform system maintenance and repair in order to supply gas and gas products.

Second, to solve existing problems; to work closely with contractors to minimize the Covid-19 pandemic’s and weather impacts on projects; and to prepare and realize responses and implement scenarios and plans.

Third, to continue security, safety and fire prevention activities in order to ensure safe production and trading operations, especially in the rainy season.

Fourth, to implement LNG and LPG supply projects and plans; to consider LPG business mergers and acquisitions (M&A).

Fifth, to strengthen risk control and upgrade the internal control system in order to improve operational efficiency; to further improve the efficiency of capital use, minimize costs, and better overall production and trading activities.

In the current challenging context, PV GAS has taken the initiative in ensuring safe production and trading operations. It has found solutions for specific activities while trying to achieve assigned tasks and set targets.

PVN President and CEO Le Manh Hung praised PV GAS saying its achievements were outstanding given the national and economic challenges.

The PVN leader suggested that PV GAS accelerate operations in the remaining months of the year to reach the annual targets, pay due heed to important businesses and risk control related to gas sales, revenue target achievement and investment targets, ensure safe operations, accomplish political tasks, and ensure stable worker income and social security.

PV GAS General Director Duong Manh Son thanked the PVN leadership for its support and guidance, and promised that the firm would try its best to fulfill the assigned tasks, pursue sustainable development and improve the firm’s position and brand.

Vu Thanh