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PVN’s General Director Le Manh Hung works with PV GAS: PV GAS soon completes the 2020 plan of LPG production and business and the contribution to the State budget

During a business trip to its Southern units to survey the business and production of the first 9 months of 2020, the delegation of the Leaders of Vietnam Oil and Gas Group (PVN) led by the General Director Le Manh Hung on October 9 met Petrovietnam Gas Joint Stock Corporation (PV GAS).

At the meeting, PV GAS 'Board of Directors reported the quickly summary results of the first 9 months of 2020: PV GAS had made efforts to overcome many special difficulties of 2020, exceeding the targets of production and business plan, including the output and financial goals by 3 per cent -51 per cent and 7 per cent-64 per cent representatively.

PV GAS specifically admitted 6,978.3 million cubic metres of wet gas, equaling 101 per cent of the 9-month plan; Producing and supplying nearly 6,777.6 million cubic metres of dry gas, equaling 103 per cent of the 9-month plan; Producing and trading nearly 1,442.2 thousand tons of LPG, equaling 151 per cent of the 9-month plan and completing the plan of the whole year; and Producing and supplying 44.5 thousand tons of condensate, equaling 109 per cent of the 9-month plan.

PV GAS’s total revenue reached nearly VND49,420.1 billion in the first 9 months of 2020, achieving 107 per cent of the 9-month plan. Its post-tax profit reached more than VND 6,000 billion, achieving 127 per cent of the 9-month plan. Its contribution to the State budget was estimated to be more than VND 3,500 billion, achieving 164 per cent of the 9-month plan and completing the 2020 plan.

So as of now, PV GAS has completed the 2020 plan with two targets: LPG production and business and contribution to the State budget. The lower financial targets compared to the same period in 2019 were mainly due to the decrease in onshore gas output. Moreover, the average Brent oil, FO, and LPG prices dropped by 37 per cent, 40 per cent, and 10 per cent representatively.

After the delegation’s members and PV GAS’s leaders discussed, PVN's General Director Le Manh Hung concluded: In the context of business and production facing difficulties in all sectors, at all levels and over the world, the PV GAS’ achieved results were not easy and the great efforts of PV GAS 'leaders and employees. PVN's General Director also noted that PV GAS in the months of accelerating the labor force to reach the targets of 2020 should pay attention to important contents and many potential difficulties, while ensuring safety in the operation, carrying out political duties, taking care for workers' lives and implementing social welfare programmes.

© 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

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