PV Gas achieves landmark 2021 results despite pandemic

Cooperation for mutual development, a motto that motivates efficiency in PV Gas

The fourth wave of the Covid-19 pandemic, which broke out in the country in late April 2021, particularly in the southern provinces and cities, had a serious impact on production and business, especially in the third and fourth quarters. Many customers stopped or reduced production, resulting in a sharp drop in gas demand.

General Director of PV Gas Hoang Van Quang said that thanks to close direction from Petrovietnam, the support and coordination of ministries, sectors and localities, PV Gas was able to implement many solutions in production and business activities, combined with good Covid-19 prevention and control measures. Its member units jointly followed the assigned plan targets, softening the impacts of adverse factors.

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As a result, all gas systems and works of PV Gas operated safely and efficiently and ensured sufficient supply. Maintenance work, repairs and tests were carried out according to plans and its achievements were reflected in the stock market and in domestic and export markets.

PV Gas provided over 7.1 billion cu.m of dry gas; produced and supplied over 65,000 tonnes of condensate; nearly two million tonnes of LPG (equal to 123 percent of the plan and two months ahead of schedule); continued to maintain a stable gas supply to produce nearly 15 percent of electricity production, 70 percent of fertilizer needs, and nearly 70 percent of LPG market share in the country.

Financial targets exceeded

The financial targets were completed and exceeded by 13 to 66 percent (revenue reached over VND80 trillion, pre-tax profit over VND10.5 trillion, and post-tax profit was nearly VND8.4 trillion, significantly contributing to the state budget (over VND5.8 trillion). PV Gas was also the top unit with positive financial indexes in the group.

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Another landmark was strong investment in construction and infrastructure development of the gas industry, especially intensive LNG processing projects like the one-to-three million tonne LNG warehouse in Thi Vai; gas collection and transportation pipeline from Su Tu Trang field, and cold LNG/LPG storage in the northern region. PV Gas also had the highest disbursement value in Petrovietnam with the disbursement value for investment and construction reaching nearly VND5 trillion out of its total disbursement value of over VND5.7 trillion.

PV Gas continues facing difficulties and challenges with complicated and unpredictable developments in 2022. It faces the daunting task of increasing gas and LNG supplies by 25 percent compared to 2021, as assigned by Petrovietnam. PV Gas will strive for innovation, turning challenges into opportunities and driving forces for further development.