PV GAS steps into 2025
Petrovietnam Gas Corporation (PV GAS) has planned to launch a series of new projects this year, further completing the green energy supply chain for sustainable development.
At the meeting with Vietnam Oil and Gas Group (Petrovietnam) in February 2025, Dr. Pham Van Phong, PV GAS’ President and CEO, affirmed that from the beginning of 2025, the Corporation had come up with management plans with key tasks focusing on project deployment to achieve the goal of making 2025 “the year of market development".
PV GAS leads Vietnam’s LNG Business
Launching New Projects
Following 2023-2024’s achievements, PV GAS remains focused on investment projects related to LNG, particularly the extension in capacity of Thi Vai LNG Terminal in Ba Ria – Vung Tau.
Currently, PV GAS has completed the preparatory work for investment of Thi Vai LNG Terminal and is expected to sign an EPC contract to increase its capacity to 3 MTPA by the end of 2025. Additionally, the Corporation has been doing its best to optimize existing infrastructure to boost the terminal's send-out capacity to 7.7 million m³ per day, ensuring stable supply for power plants. Investments in floating storage to increase LNG supply capacity in the Southeast region of Vietnam to 22-23 million m³ is under research. In the infrastructure business sector, PV GAS is preparing to establish PV GAS Logistics Branch to oversee and manage its supply chain and connect the Southwest pipeline.
Simultaneously, PV GAS will continue completing the domestic transportation system to meet customer demands. The Corporation successfully conducted its first international LNG business transaction, exceeding 70,000 tons. In 2024, this flag unit of Petrovietnam also imported LNG at approximately 400 million m³ to for the first time serve the production of electricity, as well as industrial customers during the dry season peak.
PV GAS has also been deploying LNG supply to the Northern region of Vietnam via rail and tanker trucks. The Corporation aims at maintaining its leading position in infrastructure business and gas/LNG distribution in the country.
By proactively planning and implementing strategies at an early stage, PV GAS’ determination to achieve the its goals and development strategy for 2025 and beyond, particularly enhancing competitiveness to strengthen its position in the gas market has been showcased.
Advancing the "Green Energy Journey", leading LNG business
PV GAS achieved a record consolidated revenue of VND 103,500B in 2024, with pre-tax profit exceeding the plan by 82%, reaching VND 13,000B. Leveraging its infrastructure, experience, and resources accumulated over the years, along with the determination of its leaders and employees, the Corporation has made significant milestones.
However, PV GAS anticipates that 2025 will present challenges, including shrinking domestic supply while new sources are not yet ready, unstable gas demand for power and industrial production, a predicted decline in Brent crude prices compared to 2024, difficulties in investment activities, and incomplete policies for the gas industry.
In this context, PV GAS has been aggressively restructuring, streamlining operations, and improving its workforce quality. Particularly, the Corporation focuses on expanding domestic and international markets while implementing strategic projects, enhancing management, and improving business efficiency across the value chain.
PV GAS' development strategy this year is to promote green growth, contributing to national energy security and ecological safety. The Corporation strives to maintain its pioneering role in the LNG sector, integrating domestic and imported gas value chains while developing new green energy products. These are crucial elements directly and profoundly impacting PV GAS, forming the basis for its strategy towards 2030 and vision to 2050.
2025 is envisioned to be “the year of market development" for PV GAS
With the support of Petrovietnam, government agencies, and shareholders, along with the unity and determination of its workforce, PV GAS is confident in achieving significant goals and contributing to the sustainable development of Vietnam's energy sector.
Aligned with Petrovietnam's vision to become a National Industrial - Energy Group, PV GAS is determined to lead and build a competitive energy market, continuing to ensure national energy, food, and economic security, strengthening international market activities, and pioneering sustainable energy development, contributing to the growth of Vietnam's oil and gas industry in the nation's "Era of Rising."
Minh Khanh (Znews)