Illustrative image (Photo: PV GAS) Hanoi (VNA) - PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D) – a subsidiary of Vietnam Gas Corporation (PV GAS) -aimsto become a leading natural gas products and re-engineered LNG distributor, ensuring clean fuel supply to industrial parksand urban areas in Vietnam, according to its businessstrategy 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 sourcedevelopment plan of PV GAS.
Inthe southeast region, PV GAS D will invest in expanding its existing gasdistribution system to meet demand in industrial zones of Ba Ria -Vung Tau and Dong Nai provinces, and surrounding areas; and invest ininfrastructure development for urban gas customers.
In the north and north-central regions, it plans to expand the gasdistribution system in Tien Hai Industrial Park of Thai Binh province in theperiod 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' LNGprojects in the 2031-2035 period.
In the central region, PV GAS D will invest in a gas distribution system to beready for receiving gas from Ca Voi Xanh, Ken Bau, Bao Vang fields, or fromimported LNG to supply low pressure gas to industrial customers and CNG/LNGproduction.
It has set a target of about 15.46 billion m3 of gas (at standardconditions) supplied through the pipeline system for industrial customers inthe period 2022-2035, and starting to supply gas to customers in urban areasfrom 2026.
It also aims to maintain its over 90% market share of natural gas distributionthrough pipelines to industrial customers in the 2022-2025 period.
PV GAS D is also striving to reach an average output growthof 6.5% per year, holding a stable market share of over 70% for industrialcustomers through pipelines in the 2026-2035 period.
In the first six months of 2022, it reporteda total revenue of over 5.9 trillion VND, representing a year-on-year surge of31% thanks to the increasing prices of oil in the world market. Its post-taxprofit 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 205.1billion VND in after-tax profit.
It posted an after-tax profit of nearly 7 trillion VND in the firsthalf 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 milliontonnes of LPG in the first two quarters of 2022, surpassing 23% of the plan andequal to 99% of that in the same period last year, accounting for about 70% ofthe wholesale market share of the country.
It also produced and supplied 56,800 tonnes ofcondensate, up 67% compared to the plan and 85% against the same period in2021.
Although its production andbusiness in the first six months faced manychallenges due to geopolitical impacts from the Russia-Ukraine conflict and thedisruption of global supply chain caused by China’s COVID-19 prevention andcontrol policy, PV GAS's financial targets rose by 8-59% over the sameperiod 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 theState budget in the period, up 70% compared to the set plan in the period and8% 🃏year-on-year./.
