PVGAS

Once Upon a Time...

en-USvi-VN

Close
Categories: PV GAS News

Celebrating 23 rd anniversary of PV Gas: the power of a young industry

Starting with associated gas which used to be burned offshore, Vietnam has quickly become a “Gas Country” in the world map, able to satisfy the increasing and widespread gas demand in industry, commerce, households and transport.

September 20th, 2013 will mark the 23rd anniversary of PetroVietnam Gas Joint Stock Corporation (PV GAS). Looking back the past history, all PV GAS personnel are proud of their significant contribution to the formation and establishment of such a robust gas industry (GI) at present. As compared to Vietnam Oil and Gas Industry with its long history of 35 years, the gas industry with PV GAS as the key member is quite young. However, it’s very proud and praiseworthy that GI has made considerable contributions to the people and the country in such a short period.

ADMIRABLE FIGURES

In fact, the idea about the complete Gas industry in Vietnam stemmed from early 90’s of the previous century when the associated gas from the Bach Ho Field if not brought onshore had to be burned offshore. This was not only wasteful but also caused great impact upon the environment and offshore oil production activities. As a result, the project for usage of associated gas from Bach Ho Field was studied from then. In order to boost the development of Gas industry, General Department of Oil and Gas (now known as Vietnam National Oil and Gas Group) decided to establish The Fuel Gas Company (now PV GAS), officially giving birth to the Gas industry in Vietnam.
After 23 years of foundation and development, at present, the GI has created the synchronous infrastructure system ensuring sustainable development from gathering, transport, processing, storage to distribution. PV GAS has supplied nearly 80 billion cubic meters of dry gas (to Ba Ria Power Plant, Phu My 1, Phu My 2.1, Phu My 2.2, Phu My 3, Phu My 4, Nhon Trach 1, Nhon Trach 2, Hiep Phuoc, Ca Mau 1, Ca Mau 2, Phu My Fertilizer Plant, Ca Mau Fertilizer Plant and low-pressurized end-users), over 7 million tons of LPG in Vietnam market and over 1.4 million tons of condensate for gasoline production…since May 1st, 1995 when the very first gas flow was brought onshore.                        
With above remarkable achievements, PV GAS has contributed gas as input fuel for generation of 36 billion kwh of electricity per year (equal to 40% national power generation output), as feedstock for producing 1.6 million tons of fertilizer per year (meeting 70% the country demand for fertilizer), 100,000 tons of gasoline per year (representing 5% domestic gasoline production output) and supplied about 1 million tons of LPG per year (over 70% LPG consumption of the country), etc. The gas supply by PV GAS has helped the country save billions of USD since 1995 (through reduction in imported DO for electricity generation) and PV GAS also saved more than US$ 10 billion for the electricity industry thanks to the difference in prices of gas and DO. PV GAS has contributed nearly VND 350,000 billion in revenues to the oil and gas industry, paid VND 40,000 billion to the State budget. Every year, PV Gas contributes about 10% income of PetroVietnam , 2.5% GDP of the country, helping ensure national energy security and foods security.

THE VITALITY OF A POWERFUL BRAND
   It can be said that PV GAS, throughout its 23 years of tireless effort, has become one of main subsidiaries of Vietnam National Oil and Gas Group with tens of affiliates, operation covering nationwide, employing thousands of workers, with skilled and qualified employees representing the majority. PV GAS is and will be the exclusive member of Vietnam National Oil and Gas Group engaged in gas activities. Each action of PV GAS also represents the one of the industry and any change of PV GAS will affect the entire GI of Vietnam. PV GAS trademark has become familiar with almost all electricity, fertilizer, steel, gasoline and many other industrial, commercial and household consumers. At present, products of PV GAS and its affiliates have dominated most of the domestic market with reputation and guaranteed quality.
 Addressing the press, Mr. Do Khang Ninh - PV GAS Board Chairman and President & CEO – said that the Gas industry has been and remains receiving major investments for accelerated and breakthrough development to ensure safety, quality, efficiency and sustainability on the basis of state-of-the-art technology, contributing to national energy security and foods security, ensuring reliable and long-term supply of gas and gas products. Specifically, priority is given to transformation of the gas industry into an important technical-economic industry, and deep processing will be enhanced for added value of gas products …From now to 2015, PV GAS will try to achieve the revenue growth rate of 6%/year; with structure of gas revenues representing 55.5%, gas products 31% and services 13.5%..
Also according to Mr. Do Khang Ninh, PV GAS endeavors to build a complete Gas industry with big projects currently deployed or imminent: Block B – O Mon gas pipeline, Nam Con Son 2 pipeline, Southwestern - Southeastern pipeline, LNG import…to transform the Gas industry into an important economic-technical industry of the country, meet the market demand on the basis of increasing the value of the domestic gas resources and making full use of gas resources from countries in the region and around the world. Last but not least, PV GAS is constantly promoting its operations on the international market, and trying to include its name in the list of powerful gas companies in Asia…
The fresh and dynamic image of PV GAS – the deserving representative of Vietnam’s Gas Industry has become more and more powerful and stable at the age of 23. PV GAS is moving ahead with new determination: “Combine efforts and mind, make innovation drastically, speed up the complete and synchronous construction of Gas industry in Vietnam”.                                   

In order to keep pace with the general trend of development, PV GAS has been officially transformed into Joint Stock Corporation since November, 2010. The equitization of PV GAS is considered a breakthrough, in an effort to keep up with the equitization policy for state-owned enterprises by the Party and the Government. Accordingly, capital from domestic and overseas investors has been raised to improve financial capabilities, renovate technology, apply advanced methods of corporate administration and management practice in the world, improve business performance domestic and overseas investment of PV GAS, strengthening the competetiveness, internationalization, socialization of the activities of the Gas industry in Vietnam in general. The success of IPO beyond expectation has helped increase the company value of PV GAS and yielded benefit to the State by US$ 10 billion. Since equitization, PV GAS has kept recording stable development achievements, in which, only in the first six months of 2013, PV GAS reaches VND 31,855 billion in revenues, exceeding the previously set six-month plan by 19%. In specific, the dry gas reaches 5,179 million cubic meters, equal to 117% of the first six-month plan, up by 8% over the same period in 2012; LPG output reaches 469,655 tons, equal to 103% of the first six-month plan. As a result, PV GAS achieves the gross profits of VND 9,083 billion, exceeding the first six-month plan by 94% and up by 51% over the same period in 2012. The after-tax profits of PV GAS in the first half of this year reaches VND 7,379 billion, increased by 51% year-on-year and exceeding the first six-month target by 93%.
 

Nguyen Thu Tuyet

© Copyright PETROVIETNAM GAS JOINT STOCK CORPORATION (PV GAS)
Address: Floor 12-15, PV GAS TOWER, No. 673 Nguyen Huu Tho Street, Phuoc Kien Commune, Nha Be District, Ho Chi Minh City.
Phone: +84.28. 3781 6777 Fax: +84.28. 3781 5666 Email: pvgas@pvgas.com.vn

Back To Top