PVGAS Trading – Forecasts continuing success in 2022
At 12:00 a.m. on the 7th day of the Lunar New Year (February 7, 2022), PetroVietnam Gas Trading Company (PVGAS Trading) - a subsidiary of PV GAS, completed the pipe connection and imported the refrigerated LPG ship to " Welcome Spring” for the Viet Dragon 68 floating storage vessel off the coast of Thai Binh Province to ensure the LPG source for the Northern market. This has been the 8th refrigerated LPG import ship since the floating storage vessel project came into operation and the first refrigerated LPG import ship in the 2022 Year of the Tiger.
At noon on the 7th day of the Lunar New Year, 30,000 tons of refrigerated LPG were transported by Progress ship of Gysis Corporation from Mina Al Ahmadi – Kuwait, connected the pipeline to Viet Dragon 68 storage vessel, marking a new business journey of both PVGAS Trading and Petrovietnam Gas Joint Stock Corporation (PV GAS) in 2022.
Viet Dragon 68 is the first floating refrigerated LPG storage vessel in the North of Vietnam, put into operation on July 6 in 2021; with a deadweight tonnage of 60,000 DWT (with a capacity of more than 44,000 tons of refrigerated LPG). The vessel is used by PVGAS Trading to receive, store, and transfer refrigerated LPG to pressure vessels and transport LPG to domestic and foreign markets. After 7 months of operation, up to now, Viet Dragon 68 has received totally more than 220 thousand tons of refrigerated LPG, equivalent to more than VND4 trillion, from the international market to serve the needs of civil and industrial energy in the country’s Northern and Central regions. This is an important source of fuel/raw material for the complex of large industrial factories in the Northern market such as Samsung, Vinfast, Hoa Phat Group, etc., and at the same time meets the needs of each Vietnamese household; helping Vietnam take the initiative, minimize the impact from small import supply and ensure national energy security.
Mr. Pham Van Phong - Deputy General Director at PV GAS and Director of PVGAS Trading, said: “Putting the floating refrigerated LPG storage vessel into operation is a very important step in contributing to affirming PV GAS’ position and leading role in the Vietnam’s gas industry and PVGAS Trading's position and role in the LPG business. In 2021, for the first time since its establishment, PVGAS Trading has risen to dominate 70% of the total LPG supply market share nationwide, with the revenue of nearly $US 1.5 billion.”
The effort to complete the import of the first refrigerated LPG ship during Tet was a positive signal of a favorable start and promised to continue the success of PVGAS Trading in the new year.