PV GAS to exceed 2023’s H1’s targets with profit before tax reaching over VND 7.5 trillion.
PV GAS’s targets in 2023’s first half were reported to be exceeded. In particular, its output and revenue came out transcending respectively about 3-19% and 13-17% of what was planned, leading to an 81-83% increase in profit before and after tax compared to the targeted ones. As a result, PV GAS’s contribution to the National budget reached 57-60% higher than its target.
The company received more than 4.1 billion m3 of wet gas as well as produced and supplied nearly 4.0 billion m3 of dry gas, 46.4 thousand tons of condensate and 1.1 million tons of LPG (of which more than 0.3 million was exported and internationally traded). Its gross revenue in this year’s H1 reached over VND 45.7 trillion with profit before and after tax of above VND 7.5 trillion and 6.0 trillion successively, of which more than VND 3.1 trillion was contributed to the National budget.
Dicision announcement on high-level candres of PV GAS
With such results, PV GAS continued to maintain a stable gas supply to produce about 11% of the national electricity output, 70% of nitrogenous fertilizer output nationwide, and account for nearly 70% of Vietnam LPG market share (with the retail one of around 25%) in the current context of increasingly fierce competition. Ultimately, these data have affirmed the position of the company (with total assets of over VND 84 trillion) at the top among those with large capitalization
PV GAS has been actively implementing investment and construction activities with the following highlights:
• granted the final account report approval of investment capital for Nam Con Son 2 project (phase 1);
• successfully handled the first LNG import vessel to conduct commissioning for Thi Vai 1MMTPA LNG Storage Terminal from Jul 11, 2023;
• actively progressing with other projects (expanding and upgrading the capacity of Thi Vai LNG storage Terminal to 3 million tons per year, Son My LNG receiving and regasification terminal project, Thi Vai LPG storage tank project, White Lion gas gathering and transportation project, Ethane separation at Dinh Co GPP, refrigerated LPG/LNG storage tank project in the Northern region, etc).
PV GAS organized a press release, announcing Vietnam's first LNG import cargo
The total disbursement for the investment and construction projects of PV GAS - the parent company is VND 565 billion.
The company has been also proactive in negotiating and signing commercial, service, and business cooperation contracts. It has completed the conclusions of contracts/agreements/amendments to gas sale and purchase/service contracts with Ba Ria Power Plant, PVFCCo, EVN/GENCO3, Block 06.1, Petrovietnam, BOT power plants, etc.
PV GAS received great appreciation for its performance in 2023's H1
Noticeably, it has been the first and only entity in Vietnam so far to be granted the Certificate of Eligibility for LNG import and export by Vietnam Ministry of Industry and Trade. To secure a stable supply, it has signed a number of agreements for LNG spot supply with energy majors worldwide, including the arrangement for the first imported LNG cargo for the Project commissioning.
Deploying business cooperation in line with the development strategy, PV GAS has been collaborating with enterprises within and outside PVN to research and conduct projects under BCC, such as: Gas - Power - Service Port chain with PV Power and PTSC, cold energy supply from Thi Vai LNG Terminal cooperating with PVChem, offshore wind power projects cooperating with PTSC, and so on.
PV GAS completed handling the first LNG import cargo into Vietnam
In addition, PV GAS has continued to update its Development Strategy until 2030 with the vision until 2045 based on the approved Vietnam Power Master Plan VIII and closely worked with relevant ministries on tariffs, and gas and LNG prices as well as with EVN to finalize the tariffs for Nam Con Son 2 and Sao Vang - Dai Nguyet pipelines as directed by Vietnam Ministry of Industry and Trade.
PV GAS’s restructuring has been conducted efficiently, involving finalizing the plan to establish the representative office in Singapore, reducing the contributed capital in PV Pipe and working with relevant ministries to address issues related to the investment to PETEC and carrying out its charter capital increase (expected to be completed in 2023’s Q3).
Besides producing and trading activities, PV GAS’s Corporate Social Responsibility has always been concerned, highly valued and targeted to the right beneficiaries, with a total disbursement of about VND 40 billion in the first half of 2023.
PV GAS's CEO and President, Mr. Pham Van Phong, stated “Despite the economic challenges in the first six months and the upcoming period as forecasted, PV GAS is confident to continue meeting and exceeding the targets of 2023 as approved by the Shareholders' General Meeting, as well as fulfill its commitments to PVN and the Government. With an estimated contribution of over VND 5,500 billion to the National budget in 2023, PV GAS has actively contributed to addressing the national economic difficulties during the past period and in the year 2023”.