PV GAS discusses "Corporation's Development Strategy and Market Development Plan"
Petrovietnam Gas Corporation (PV GAS) recently held a conference on the orientation for "Corporation's Development Strategy and Market Development Plan."
Presented at the conference were reports and discussions with numerous opinions for the development of PV GAS' strategy up to 2030 and vision to 2050. The participants also looked into plans to successfully implement the gas market development strategy by 2035.
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The leaders of PV GAS affirmed their commitment to developing the strategy.
In the context of declining domestic sources and the short-term impacts of renewable energy sources, it is crucial to ensure the maintenance and development of PV GAS' consumption market through specific strategic planning as the development of LNG-to-power projects requires a considerable amount of time. To become more sustainable, and competitive - aligning with the development strategy of Vietnam’s Oil and Gas industry as well as Petrovietnam - it is essential to ensure that PV GAS' scale, production, and revenue are maintained and expanded. Updating and refining the strategy according to the changing environment is an imperative and crucial task for the Corporation.
According to the conference’s discussions on the development orientation, PV GAS would expand based on multiple main visions: (1) collecting, storing, distributing, and trading domestic gas; (2) developing LNG infrastructure systems based on the Hub model; (3) processing and producing new products, namely ethane, petrochemical input from gas/condensate, green hydrogen, etc.; (4) expanding business activities in domestic and international markets, diversifying product portfolio, and developing infrastructure and logistics services.
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Conference’s overview
Alongside orienting the Corporation's development strategy until 2030 and vision to 2050, PV GAS has formulated a plan to implement the market development strategy until 2035. It aims to supply 7.9-12.7 billion m³ of gas per year to the market during 2024-2030, prioritize in-depth processing from gas, and develop non-electricity/fertilizer gas consumers, striving to provide 5.8 million tons of LNG annually by 2030.
The market development strategy implementation plan also includes market development plans for specific customer segments: electricity customers, industrial customers using low-pressure gas/CNG/LNG, and customers using gas as input for production. The strategy's implementation solutions are divided into six groups: Organizational and enterprise management, Gas supply, Market, Infrastructure - Technology – Service, Mechanism and Policy, and Finance. Furthermore, they are accompanied by supplements to the gas product business management regulations. To meet the changing demands of the business environment and adapt to market fluctuations amidst new trends, it was advised to start removing rigid regulations and creating an open mechanism in the business operations of gas products.
Concluding the conference, PV GAS leaders reaffirmed their commitment to developing the Corporation's strategy with the following orientation: using infrastructure investment as the foundation, business development activities as the driving force, and the shift towards green energy development as the goal. Additionally, they thoroughly and effectively implemented the Market Development Strategy Plan until 2035 as approved.