PV GAS and PTSC sign a contract on providing floating refrigerated LPG storage vessels in Northern region

Vietnam Oil and Gas Group (PVN)’s representatives including Mr. Le Manh Hung - Member of the Board of Directors, General Director, Deputy General Directors Le Xuan Huyen, Nguyen Van Mau and Le Ngoc Son attended and witnessed the signing ceremony. The PV GAS representatives included Mr. Nguyen Sinh Khang, Chairman of the Board of Directors; Mr. Duong Manh Son, General Director. Mr. Phan Thanh Tung, Chairman of the Board of Directors; and Mr. Le Manh Cuong, General Director were representatives of PTSC.

Petrovietnam Gas Joint Stock Corporation started LPG business 20 years ago, step by step boosting the outstanding Vietnam's LPG market growth. The PetroVietnam Gas Trading Company (PVGas Trading) represented PV GAS and has gradually consolidated its position as a reputable LPG supplier in the regional and international markets.

As a part of its 2020-2025 business development strategy, PV GAS plans to focus on developing LPG consumption market in the Northern region to ensure growth, increase market share, to meet the regional market’s energy demand and to reduce dependence on imported LPG.

The refrigerated LPG trade plan by floating storage vessels in the Northern region will replace the consumption of imported one transported from the Southern region to the Northern region. With this plan, PV GAS will achieve the targets of increasing market share in the Northern region; maintaining revenue and profit growth; creating a market premise for research and investment in onshore refrigerated LPG storage in the North from 2025; and supporting PV GAS’ LPG retail strategy in the Northern market.

Speaking at the signing ceremony, PV GAS Deputy General Director Pham Van Phong emphasized: The refrigerated LPG trade plan by floating storage vessels in the Northern region is PV GAS’ an important goal in 2021. After efforts and urgently implemented, PVGas Trading has chosen PTSC to "provide floating refrigerated LPG storage vessels and their operation service”.

PV GAS believes that with the experiences and potential of the No. 1 oil and gas service contractor in Vietnam and the region, PTSC will successfully complete this contract; helping PV GAS’ business plans succeed.