PV GAS D targets status of leading natural gas distributor

Illustrative image (Photo: PV GAS)

Hanoi (VNA) - PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D) – a subsidiary of Vietnam Gas Corporation (PV GAS) -aims to become a leading natural gas products and re-engineered LNG distributor, ensuring clean fuel supply to industrial parks and urban areas in Vietnam, according to its business strategy to 2025.

In the 2022-2035 period, it needs an estimated over 2 trillion VND (85.45 million USD) to invest in upgrading its existing infrastructure systems and constructing new ones in sync with the source development plan of PV GAS.

In the southeast region, PV GAS D will invest in expanding its existing gas distribution system to meet demand in industrial zones of Ba Ria - Vung Tau and Dong Nai provinces, and surrounding areas; and invest in infrastructure development for urban gas customers.

In the north and north-central regions, it plans to expand the gas distribution system in Tien Hai Industrial Park of Thai Binh province in the period after 2025 when it has a stable gas source and meets customer demand.

Illustrative image (Photo: PetroVietnam) 

The firm will also invest in a gas distribution system connected to PV GAS' LNG projects in the 2031-2035 period.

In the central region, PV GAS D will invest in a gas distribution system to be ready for receiving gas from Ca Voi Xanh, Ken Bau, Bao Vang fields, or from imported LNG to supply low pressure gas to industrial customers and CNG/LNG production.

It has set a target of about 15.46 billion m3 of gas (at standard conditions) supplied through the pipeline system for industrial customers in the period 2022-2035, and starting to supply gas to customers in urban areas from 2026.

It also aims to maintain its over 90% market share of natural gas distribution through pipelines to industrial customers in the 2022-2025 period.

PV GAS D is also striving to reach an average output growth of 6.5% per year, holding a stable market share of over 70% for industrial customers through pipelines in the 2026-2035 period.

In the first six months of 2022, it reported a total revenue of over 5.9 trillion VND, representing a year-on-year surge of 31% thanks to the increasing prices of oil in the world market. Its post-tax profit hit 158 billion VND, up 61% compared to the same period last year.

In 2022, PV GAS D targets over 9.3 trillion in revenue, and 205.1 billion VND in after-tax profit.

It posted an after-tax profit of nearly 7 trillion VND in the first half of 2022, up 87% compared to the target and 59% year-on-year. Its before-tax profit reached over 8.67 trillion VND in the January - June period, up 87 percent and 56 percent, respectively.

The firm produced and supplied over 1 million tonnes of LPG in the first two quarters of 2022, surpassing 23% of the plan and equal to 99% of that in the same period last year, accounting for about 70% of the wholesale market share of the country.

It also produced and supplied 56,800 tonnes of condensate, up 67% compared to the plan and 85% against the same period in 2021. 

Although its production and business in the first six months faced many challenges due to geopolitical impacts from the Russia-Ukraine conflict and the disruption of global supply chain caused by China’s COVID-19 prevention and control policy, PV GAS's financial targets rose by 8-59% over the same period last year.
 
The firm’s total revenue hit 54.56 trillion VND, exceeding the target by 34%, and increasing 34% year-on-year.

PV GAS contributed over 3.6 trillion VND to the State budget in the period, up 70% compared to the set plan in the period and 8% year-on-year./.