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The first eight months of 2021: PV GAS ensures continuous gas supply, exceeding financial targets

In the context of serious difficulties in market caused by the Covid-19 pandemic, in the first 8 months of 2021, Petrovietnam Gas Joint Stock Corporation (PV GAS) made efforts to ensure all safe operations for continuous gas supply; to exceed all financial targets by 10 per cent to 36 per cent and to grow by 3 per cent to 17 per cent compared to the same period in 2020. PV GAS continued to be the unit with the highest proportion of profits among the member units of the Vietnam Oil and Gas Group.

Specifically, PV GAS exceeded the target of LPG trading volume ( reaching 126 per cent of the plan) and grew by 3 per cent against the same period in 2020; Successfully putting the floating refrigerated LPG storage warehouse into operation in Thai Binh Province, which created the momentum for developing and dominating the northern market;... In the first 8 months of 2021, PV GAS’ a total revenue was estimated to achieve nearly VND52 trillion, equivalent to 110 per cent of the 8-month plan; more than VND 7.2 trillion for the profit before tax, equivalent to 123 per cent of the 8-month plan; nearly VND 5.7 trillion for the post-tax profit, equivalent to 120 per cent of the 8-month plan; and more than VND3.2 trillion for the contribution to the State budget, equivalent to 136 per cent of the 8-month plan.


Moreover, PV GAS made efforts in negotiating, signing gas/LNG purchase and sale contracts and agreements, resolving issues relating to charges, mechanisms and policies, and allocating capital. The governance was constantly being improved; The digitization, optimization of the management system, cost reduction, and social welfare activities were strengthened. In the first 8 months of this year, PV GAS reduced the costs of more than VND325 billion, spent more than VND200 billion on social welfare activities, and donation for the Government's Covid-19 vaccine fund; and ensured stable income for its employees. 


However, due to the impact of the Covid-19 pandemic, gas demand/mobilization of electricity customers was low; the demand of gas and gas products of industrial households and in the domestic market decreased sharply, leading to the failure in achieving the 8-month plan of gas output ashore, and lower consumption than the same period in 2020. Several tasks relating to ongoing projects that were at risk of delay due to the Covid-19 pandemic affected the assessment process of relevant agencies, restricting the movement and mobilization of human resources, materials and equipment. Moreover, few units’ restructure still faced many difficulties.
 

© 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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