PV GAS surpasses 2024 targets

This year, PV GAS successfully imported 400 million cubic meters of LNG to power customers during the peak dry season and supported the commissioning of Nhon Trach 3 Power Plant project. 
The year 2024 also witnessed imported LNG being used for power generation in Vietnam for the first time. LNG was successfully delivered to northern regions of Vietnam via rail and tank trucks by PV GAS, starting in September 2024.

These milestones showcased PV GAS’ expanded energy supply network across the country. Furthermore, the Corporation conducted its first international LNG trade deal, of over 70,000 tons, marking its entry into the global LNG market.

PV GAS President & CEO receives Excellence award from Petrovietnam

In terms of production, PV GAS is expected to surpass all set targets: gas reception (including imported LNG): nearly 7 billion cubic meters (102%); gas production and supply (including regas LNG): over 6.4 billion cubic meters (102%); condensate production and consumption: over 76,000 tons (100%); LPG production: 392,000 tons (101%); LPG trading: nearly 3.1 million tons (166%; 25% increase year over year; capturing 70% of the national LPG market share); and international LPG sales: nearly 1.5 million tons (68% increase year over year).

Financially, PV GAS is also projected to surpass its set targets by 50–82% across all indicators. Revenue and profit are anticipated to hit record highs, with significant growth compared to 2023: total revenue: nearly VND 130,000B (10% increase year over year, accounting for approximately 13% of Petrovietnam’s total revenue); Consolidated revenue: nearly VND 105,000B (150%; 14% increase year-over-year); pre-tax profit: over VND 13,000B (182%, contributing nearly 25% of Petrovietnam’s total profit); and tax contributions: over VND 6,000B (161%).

PV GAS, in 2024, actively invested in infrastructure, with disbursements expected to reach nearly VND 2,000B as 101% of the target. Key projects include: gas supply system for Nhon Trach 3&4 Power Plants; preparatory work for a large-scale LNG storage project in Binh Thuan Province and expanding Thi Vai LNG Terminal’s capacity to 3 MTPA; infrastructure optimization to increase Thi Vai LNG Terminal’s send-out capacity to 7.7 million cubic meters per day; location seeking for refrigerated LPG storage and LNG terminal facilities in northern Vietnam; and so on.
 

PV GAS conducts LNG delivery by train to northern Vietnam

Restructuring at PV GAS and the establishment of PV GAS International in Singapore by January 2025 are still being accelerated, for the Corporation to better its operations, promote its business activities, and align with the global energy transition trend.

Social welfare, brand communication, cost reduction, and enterprise resource planning (ERP) have been strongly implemented, ensuring stable employment and income for employees across the Corporation.

PV GAS’ LPG business lands a record in terms of volume

Amid rapid changes in the global energy industry, PV GAS has designated 2025 as the “Year of Gas Market Development”. As part of Petrovietnam’s vision  to be a National Industrial-Energy Group, PV GAS remains committed to its leadership role in constituting a competitive energy market, with great contribution to national energy, food, and economic security while expanding internationally and pioneering sustainable energy development. These efforts will bolster Vietnam’s oil and gas industry during the nation’s “Era of Growth.”