Welcoming 2019: PV GAS fulfills yearly production targets 3 months ahead of schedule

08:53 | 17/01/2019 Companies

(VEN) - In 2008, PetroVietnam Gas Joint Stock Corporation (PV Gas) exceeded its production plan from 4- 52 percent as well as financial targets from 33-83 percent. The corporation's production and business activities enjoyed favorable conditions thanks to higher oil prices than expectation (up 23.4 USD/barrel) and more stable and safer gas systems.

welcoming 2019 pv gas fulfills yearly production targets 3 months ahead of schedule
Leaders of PetroVietnam visit and encourage laborers of PV GAS

However, PV Gas faced many difficulties and obstacles from unexpected incidents occured in Nam Con Son and PM3-Ca Mau gas systems which caused interruption of gas supplies for a long time; increasing demand of Gaslift from Vietsovpetro, and the amount of gas from Cuu Long basin gradually decreased. In addition, some projects had many problems to be handled and needed a longer time to get approval by fuctional agencies.

Despite this, all leaders and staff of PV Gas made continuous great efforts and determination to complete its goals and along with directions and support from the Vietnam Oil and Gas Group (PetroVietnam), the corporation has obtained significant achievements, completed and exceeded most targets in 2008.

welcoming 2019 pv gas fulfills yearly production targets 3 months ahead of schedule
Controlling modern gas systems

Accordingly, PV GAS safely operated the gas system, and did not to let accidents affect people, assets and reputation of the corporation. Its production plan exceeded targets from 4-52 percent (producing and supplying over 9.6 billion m3 of gas, over 1.6 million tons of liquefied petroleum gas - LPG, and over 95 thousand tons of condensate), in which LPG and condensate production were completed about 2-3 months ahead of schedule. Financial targets also exceeded the plan from 33-83 percent (with revenue of VND 74,050 billion and pre-tax profit of VND 14,098 billion) an year-on-year increase from 12 -14 percent, making a significant contribution to the State budget and PetroVietnam (VND 5.375 billion). With these results, it was among top units in the Group with the after-tax profit/equity ratio of 26 percent; after-tax profit/charter capital of 59%; continued to provide stable gas supplies to produce nearly 30 percent of electricity output, 70 percent of fertilizer, and 60 percent of LPG market share nationwide.

welcoming 2019 pv gas fulfills yearly production targets 3 months ahead of schedule
Participating in social security programs

PV GAS was awarded certificate of Top 50 Listed Companies in Vietnam for the 6th consecutive time by Forbes (ranked second in revenue and profit after tax, among the top 3 leading companies in market capitalization). Japan's leading media group - Nikkei Asian Review announced that PV Gas continues to be one of Vietnam’s 5 representatives in the list of 300 most dynamic businesses in Asia in the fiscal year 2017. The General Department of Taxation confirmed that PV GAS ranked the third among 1,000 enterprises paying the largest corporate income tax of the Vietnamese economy. The corporation ranked 6th among top 100 enterprises with the best financial management index in 2018 voted by the Vietnam Chamber of Commerce and Industry (VCCI), Business Forum Newspaper and Institute for Enterprise Research and Development. LPG products of PV GAS were also certified by the Ministry of Industry and Trade as National Brand during the 2018-2020 period.

Along with production and business activities, social security works continued to be implemented in a positive, practical and right manner. In 2008, PV GAS spent more than VND 94 billion on social security activities, focusing on funding education- training and health care programs, building Great Solidarity House, Gratitude programs, resolving consequences of natural disasters and humanitarian relief.