PV Gas to complete targets

PV Gas has completed a remarkable journey with the implementation of strategic development goals by 2015 with a vision to 2025 and the 2011-2015 plan, representing outstanding efforts of the corporation’s leaders and employees. Thanks to attention and close direction of the Vietnam Oil and Gas Group, PV Gas has recorded remarkable achievements.

The corporation has made huge efforts to ensure sustainable development, fully implement operations in all stages such as collection, transport, processing, storage and trading, maintain a leading role in the gas industry nationwide and confirm its prestige in the international arena.

PV Gas has proved its high efficiency in terms of revenue with an average growth of 35 percent a year during the 2007-2010 period and eight percent a year during the 2011-2015 period.

Outstanding achievements included such as considering as one of the leading units reaching highest revenues and profits in the Vietnam Oil and Gas Group, ranking in the list of 50 most valuable companies in Southeast Asia by the Nikkei Asian Review and the top 2,000 largest public companies in the world in 2014, leading the Forbes list of 50 best listed companies in Vietnam in 2015 and making a significant contribution to state budget revenues.

The corporation has actively participated in the international gas market and has been seen as a trusted partner by large companies such as Russia’s Gazprom, the United Arab Emirates’ Adnoc and Japan’s Astomos.

To implement the 2011-2015 plan and the approved development of the gas industry, PV Gas has actively put key gas projects into operation, deployed offshore gas mining projects and promoted gas consumption. Disbursement for investment activities in the corporation reached more than VND16 trillion during the 2006-2010 period and is expected to stand at VND29 trillion during the 2011-2015 period. Thanks to strong investment, PV Gas has established relatively complete infrastructure and the asset value has increasingly become larger, reaching around VND53 trillion at the moment, a 1.3-fold and 5.6-fold increase compared to 2010 and 2006.

PV Gas has drafted the Development Strategy by 2025 with a Vision to 2035 and the 2016-2020 Plan since the beginning of the year with a view of transforming the gas industry into a key technical economic sector with safe and modern infrastructure systems nationwide, contributing to ensuring energy security and maintaining national security and defense. PV Gas has continuously improved administration, applied advanced technologies and enhanced product quality in order to bring practical benefits to the country, shareholders, employees, partners and the society. Safety and efficiency are seen as the guideline in the corporation’s development process. In addition, PV Gas has focused on promoting international cooperation to develop the market at home and abroad, and promoting the PetroVietnam Gas brand.

PV Gas will strive to rank fourth in ASEAN by 2025 in terms of annual gas output and to be named in the list of Asian strong gas companies. In addition, total assets are expected to reach around VND128 trillion by 2025, a 2.5-fold increase compared to 2015 with an average revenue growth of eight percent a year.

PV Gas will also strive to keep a leading role in gas extraction and storage, actively participate in activities to seek new gas sources and enhance its position. Total gas output is expected to reach nearly 300 billion cu.m during the 2016-2035 period. In addition, the corporation will devise plans to increase gas output from 0.2-1.5 billion cu.m a year from 2017.

The corporation will continue operating and optimizing gas systems nationwide and build pipelines to connect areas together as part of efforts to gradually forming the national gas network. All gas sources are processed to separate methane. In addition, PV Gas will also promote investment to actively import liquefied natural gas (LNG) from 2021, contributing to meeting consumption demand and ensuring energy security. PV Gas aims to develop the LNG market to 10-13 billion cu.m of LNG a year during the 2016-2020 period and 18-24 billion cu.m of LNG from 2025, while persifying gas products. In addition to key products such as gas, LNG, liquefied petroleum gas (LPG), condensate and ethane, the corporation will actively develop various products such as compressed natural gas (CNG) and manufacture and provide ammonia, methanol, DME, Propylene and PP. PV Gas will also strive to maintain more than 70 percent of LPG market share nationwide and actively participate in the international gas market.

Ngan Kim