2024 marks the first time imported LNG is supplied for electricity production in Vietnam; successfully deploying the supply of LNG to the Northern region by train and tanker truck from the beginning of September 2024, thereby completing the full gas energy supply chain by pipeline, waterway, road and rail, expanding the comprehensive, flexible and widespread energy supply map across the entire territory of Vietnam; successfully implementing the first international LNG business transaction with a volume of over 70,000 tons - marking PV GAS's entry into the market and putting its name on the international LNG business map. These are remarkable results and achievements in pioneering fields, taking new products with breakthrough business forms as evidence of PV GAS's determination to create new momentum to serve production and business.
Regarding output, PV GAS is expected to exceed all targets, of which LPG business reaches a record output; received gas (including imported LNG) reaches nearly 7 billion m3, equal to 102% of the plan; Gas production and supply (including regasified gas from LNG) reaches over 6.4 billion m3, equal to 102% of the plan; Condensate production and consumption reaches over 76 thousand tons, equal to 100% of the plan; LPG production reaches 392,000 tons, equal to 101% of the plan; LPG business reaches nearly 3.1 million tons, equal to 166% of the plan, up 25% compared to 2023, accounting for 70% of the national LPG market share; of which international LPG business reaches an output of nearly 1.5 million tons, the highest ever and up 68% compared to 2023.
Regarding financial targets, PV GAS is expected to exceed the plan by 50-82% of all targets, in which revenue and profit both set records, with high growth compared to 2023, specifically: total revenue of the Corporation reached nearly 130,000 billion VND, up 10% compared to 2023, equivalent to nearly 13% of total revenue of Petrovietnam (PVN); consolidated revenue reached nearly 105,000 billion VND, equal to 150% of the plan, up 14% compared to 2023; pre-tax profit reached over 13,000 billion VND, equal to 182% of the plan, equivalent to nearly 25% of total profit of PVN; budget contribution was over 6,000 billion VND, equal to 161% of the plan.
Construction investment work has also been vigorously implemented with the expected disbursement value reaching nearly VND 2,000 billion, equal to 101% of the plan. PV GAS has completed the investment in the gas supply chain for Nhon Trach 3 & 4 Power Plants - contributing to the completion of the infrastructure chain of LNG import projects in Vietnam; basically completed the preparation work for investment in large-scale LNG warehouse projects in Binh Thuan province, increasing the capacity of Thi Vai LNG warehouse to 3 million tons; proactively implementing the increase of the send-out capacity of Thi Vai warehouse to 7.7 million cubic meters of gas/day by optimizing existing investment infrastructure and existing resources - thereby affirming PV GAS's technological mastery and completing the task of ensuring gas supply for power plants; at the same time, actively searching for locations to invest in cold LPG warehouses and LNG port warehouses in the North...
Restructuring/restructuring work has also been promoted by PV GAS to suit the new situation and development orientation, notably the completion of preparations to put PV GAS International Company into operation in Singapore from January 2025 to promote business activities; research and submit to PVN for approval plans to optimize operations, support business activities, and develop the market. In addition, social security work, brand and product communication, cost reduction, building an ERP enterprise resource management system to serve management work along with perfecting internal management regulations and processes in a streamlined and effective direction have also been strongly implemented;... ensuring jobs, stable salaries/income for employees throughout the Corporation.
The achievements that PV GAS's staff has reaped in 2024 are clear evidence of the success of the business model transformation and internal management upgrade.
With the orientation of developing Vietnam Oil and Gas Group into a national Industry - Energy Group, PV GAS affirms its determination to play a leading role in building a competitive energy market, continuing to contribute to ensuring energy security, food security, national economic security, strengthening operations in the international market, pioneering the development of sustainable energy sources, contributing to the strong development of Vietnam Oil and Gas Industry in the "Era of Rising" of the nation.
