PV GAS: 33-year journey to become Vietnam’s leading gas enterprise

Established on September 20, 1990, PV GAS has gradually built, put into operation and is currently managing a complete infrastructure system of Vietnam's gas industry, with five gas systems with a length of over 1,500 km of pipelines, three processing plants with a total capacity of over 10 billion cu.m per year, 14 liquefied petroleum gas (LPG) warehouses with a capacity of nearly 150,000 tonnes, and a nationwide gas/gas product distribution system. Its current total asset value surpasses 70 trillion VND (2.87 billion USD).

On April 26, 1995, natural gas from Bach Ho oilfield was brought ashore, and Ba Ria Power Plant generated electricity with this source of energy for the first time. Since then, PV GAS has earned numerous notable achievements and had more systems put into operation, including Cuu Long, Nam Con Son 1, Nam Con Son 2, and Ham Rong - Thai Binh, along with gas processing plants, LPG storages, and more.

The year 2018 witnessed an important event for the gas industry, which was the inauguration and safe and effective operation of Ca Mau Gas Processing Plant by PV GAS, considered a highlight of the complete Ca Mau gas - electricity - fertiliser system.

Through its 33-year journey of development, PV GAS has shaped the gas industry of Vietnam. Together with gas exploited from domestic fields, the corporation has paid attention to boosting the import of gas and gas products to meet domestic demand, and developing several services such as gas transport and storage, gas condensate transport, maintenance and repair of gas works, and steel pipe production and pipe coating for oil and gas activities.

Over the past 33 years, PV GAS has provided nearly 170 billion cu.m of dry gas, 24.1 million tonnes of LPG, and over 2.1 million tonnes of gas condensate. Its total revenue has hit over 1.1 quadrillion VND, and before-tax profit has surpassed 208 trillion VND. It has also contributed nearly 97 trillion VND to the State budget, and managed infrastructure systems with a total asset value of over 3.8 billion USD.

PV GAS is currently Vietnam’s biggest dry gas and LPG supplier, contributing to ensuring national energy and food security. Currently, each year the corporation provides a stable source of raw materials and fuel to produce nearly 11% of electricity output, and 70% of nitrogen demand and fuel for many industrial parks. It also occupies 100% of the dry gas market share, and about 70% of the wholesale market share and nearly 11% of the retail market share of LPG.

Notably, in 2022, PV GAS for the first time achieved revenue of over 100 trillion VND, the highest ever since its establishment. In the year, it gained a combined profit of more than 15 trillion VND, and contributed 8.1 trillion VND to the State budget.

This year, the corporation expects to earn over 76 trillion VND in revenue and 6.5 trillion VND in after-tax profit, and contributed nearly 5.5 trillion VND to the State budget.

Source: Vietnamplus