PV GAS supplies first propane batch to southern petrochemical complex

Hanoi (VNA) – PV GAS Trading, an affiliate of the PetroVietnam Gas Joint Stock Corporation (PV GAS), recently provided the first batch of propane for the southern petrochemical complex of the Long Son PetroChemicals Co. Ltd (LSP).

PV GAS said PV GAS Trading has successfully connected a pipe from the liquefied petroleum gas vessel BU SIDRA with the propane taking system of the southern petrochemical complex.

The batch of commercial propane, departing from Al Amindi Port of Kuwait, is the first of PV GAS Trading to arrive at Long Son Port and also the first batch of material to be supplied for the southern petrochemical complex to serve this complex’s pilot operations.

The selection of PV GAS Trading as the distributor of the first batch of goods for the complex not only holds commercial significance but also affirms PV GAS and its subsidiary’s reputation, stature, and brand in the domestic and regional gas market, PV GAS noted.

The firm added that after more than 30 years of development, its gas trading activities have been developing continually. It has engaged in all gas-related areas and services in not only Vietnam but also the regional and international markets.

Capitalising on its advantages and support from the Vietnam Oil and Gas Group (PetroVietnam), PV GAS has invested in developing the non-electricity gas market. In particular, it has been working to switch its focus from the buyers using gas as fuel to those using gas as material such as the southern petrochemical complex.

It forecast a number of challenges and difficulties are awaiting during the implementation of the gas market development strategy for 2022 - 2030, which focuses on increasing the non-electricity clientele, amid fierce competition in the international market.

However, PV GAS Trading is confident that it will gradually gain a foothold in the material gas market and supply international-standard products and professional services, thereby maximising the gas value chain and affirming Vietnamese enterprises’ standing in the global market, PV GAS added.

PV GAS is among the four member companies of PetroVietnam to be named in the list of the top 50 listed firms in the country in 2022 compiled by Forbes Vietnam.

It is at the ninth place in the list this year. This is the 10th consecutive year that the company has been honoured in the list.

Other PetroVietnam members in the list include PetroVietnam General Service Joint Stock Corporation (Petrosetco), PetroVietnam Fertilizer and Chemicals Joint Stock Corporation (PVFCCo), and PetroVietnam Camau Fertilizer JSC.

PV GAS posted total revenue of 54.56 trillion VND (2.3 billion USD) in the first six months of 2022, increasing 34% year on year. Its before-tax profit reached over 8.67 trillion VND while after-tax profit approximated 7 trillion VND during the period, respectively rising 56% and 59%.

PV GAS contributed over 3.6 trillion VND to the State budget in the first half, up 8% from a year earlier.

In 2021, over 20% of revenue, 25% of profit and 8% of the State budget payment by PetroVietnam were contributed by PV GAS.

Despite impacts from the COVID-19 pandemic, PV GAS earned the highest ever revenue last year, gaining over 80 trillion VND. It looks to achieve annual growth of 10% in 2022 and the following years.

PetroVietnam is taking measures to create favourable conditions for production and trading of gas products in the remaining months of 2022, given negative impacts of the world energy crisis on the consumption demand for liquefied petroleum gas, and liquefied natural gas./.