PV GAS sets many records, exceeds 2024 production, business plan

Particularly, these achievements are recorded in the context that PV GAS faced many difficulties and disadvantages, such as the unexpected declines in local gas sources and gas demand for power production, fierce competition from rivals; and new forms of alternative energy, mechanisms, policies for the gas/LNG sector are still in the process of completion.

PV Gas successfully transports LNG by rail from the South to the North

In 2024, PV Gas imported and supplied 400 million m3 of LNG to customers during the 2024 peak dry season and served the trial operation of Nhon Trach 3 Power Plant project. Thus, 2024 marked the first time imported LNG was supplied for electricity production in Vietnam; successfully supplying LNG to the Northern region by trains and tankers from the beginning of September 2024, thereby completing the full gas energy supply chain by pipeline, waterway, road and rail, expanding the comprehensive, flexible and widespread energy supply map across Vietnam; successfully made the first international LNG trade deal with a volume of over 70,000 tonnes, marking PV GAS’s entry into the market and putting its name on the international LNG business map. These are remarkable results and achievements in pioneering fields, showing PV GAS’s determination to create new momentum to serve production and business operation.

PV GAS General Director (2nd right) receives the certificate of merit for outstanding achievements in 2024

Regarding output, PV GAS is expected to exceed all targets, of which the received gas (including imported LNG) reached nearly 7 billion m3, equal to 102% of the plan; gas production and supply (including recycled gas from LNG) reached 6.4 billion m3, equal to 102% of the plan; condensate production and consumption reached over 76,000 tonnes, reaching 100% of the plan; LPG products reached 392 tonnes - 101% of the plan; commercial LPG at nearly 3.1 million tonnes - 166% of the plan, up 25% compared to 2023, accounting for 70% of the national LPG market share, of which international LPG business reached an output of nearly 1.5 million tonnes, the highest ever and up 68% compared to 2023. Regarding financial targets, PV GAS expects to exceed plan by 50% to 82% of all targets, in which revenue and profit both set record high growth compared to 2023. In more details, the total revenue of the Corporation reached nearly VND130 trillion, up 10% compared to 2023, equivalent to nearly 13% of the total revenue of Petrovietnam; consolidated revenue reached nearly VND105 trillion, equal to 150% of the plan, up 14% year on year; pre-tax profit reached over VND13 trillion, equal to 182% of the plan, equivalent to nearly 25% of PVN total profit; and budget contribution reached over VND6 trillion, equal to 161% of the plan.

Construction investment work has also been vigorously implemented with the disbursement value expected to reach nearly VND2 trillion, equal to 101% of the plan. PV GAS has completed the investment in the gas supply chain for Nhon Trach 3 & 4 Power Plants, contributing to the completion of LNG import infrastructure projects in Vietnam; increasing the capacity of Thi Vai LNG warehouse to 3 million tonnes; proactively implementing the increase in the send-out capacity of Thi Vai warehouse to 7.7 million cubic meters of gas/day by optimizing existing investment infrastructure and resources, thereby affirming PV GAS’s technological mastery and completing gas supply for power plants; at the same time, actively searching for locations to invest in LPG warehouses and LNG port warehouses in the North, etc.

PV GAS has also promoted restructuring work to suit the new situation and development orientation, notably preparations for the operation of PV GAS International in Singapore from January 2025 to promote business activities; establishing and dissolving branches and subsidiaries to optimize operations and develop the gas market. In addition, social security work, brand and product communications, building an ERP enterprise resource management system to serve management work along with perfecting internal management regulations and processes in a streamlined and effective direction have also been strongly implemented, ensuring jobs, stable salaries/income for employees throughout the Corporation.

The achievements that PV GAS’s staff have reaped in 2024 are clear evidence of the success of the business model transformation and internal management upgrade. It is transforming from production - distribution focus to an integrated energy solution provider, focusing on expanding and promoting business - trade, approaching non-traditional customer groups and reaching out to the international market.

PV Gas exceeds 2024 production, business plan

In 2025, PV GAS is expected to face unprecedented difficulties and challenges with domestic gas supply continuing to decrease sharply in the context of new gas sources not yet available; the demand for gas consumption to serve electricity production and industries is very unstable. Brent oil prices are forecast to decline compared to 2024; investment activities are forecast to face difficulties; mechanisms and policies for gas industry development have not been completed;... The success in 2024 is both a pressure and motivation for each employee of PV GAS in 2025 to continue to prove themselves and contribute to the overall achievements of the company.

With the determination to transform the challenges of the new development stage into breakthrough development opportunities, the entire team of PV GAS’s Board of Directors and employees are determined to concentrate the collective’s intelligence and strength, optimize available resources, mobilize new resources, turn words into actions to bring efficiency, take production and safety as the foundation, identify business activities and market development as the spearheads. In the context of rapid changes in the global energy industry, PV GAS has identified 2025 as the “Year of Gas market development.”

With the orientation of developing the Vietnam Oil and Gas Group into a national Industry - Energy Group, PV GAS affirms its determination to play a leading role in building a competitive energy market, continuing to contribute to ensuring energy security, food security, national economic security, strengthening operations in the international market, pioneering the development of sustainable energy sources, contributing to the strong development of the Vietnam oil and gas industry in the “Era of the Nation’s Rise.”