PV Gas D targets status of leading natural gas distributor

July, 26/2022 - 08:06
PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D) – a subsidiary of Việt Nam Gas Corporation (PV GAS) - aims to become a leading natural gas products and re-engineered LNG distributor, ensuring clean fuel supply to industrial parks and urban areas in Việt Nam, according to its business strategy to 2025.

Low pressure gas pipeline. — Photo petrovietnam.petrotimes.vn

HÀ NỘI — PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D) – a subsidiary of Việt Nam Gas Corporation (PV GAS) – aims to become a leading natural gas product and re-engineered LNG distributor, ensuring clean fuel supply to industrial parks and urban areas in Việt Nam, according to its business strategy to 2025.

In the 2022-2035 period, it needs an estimated over VNĐ2 trillion (US$85.45 million) to invest in upgrading its existing infrastructure and constructing new ones in sync with the source development plan of PV GAS.

The firm will also invest in a gas distribution system connected to PV GAS' LNG projects in the 2031-2035 period.

It has set a target of about 15.46 billion m3 of gas (at standard conditions) supplied through the pipeline system for industrial customers in the 2022-2035 period, and starting to supply gas to customers in urban areas from 2026.

It also aims to maintain its over 90 per cent market share of natural gas distribution through pipelines to industrial customers in the 2022-2025 period.

PV GAS D is also striving to reach an average output growth of 6.5 per cent per year, holding a stable market share of over 70 per cent for industrial customers through pipelines in the 2026-2035 period.

It reported total revenue of over VNĐ5.9 trillion in the first six months of this year, representing a year-on-year surge of 31 per cent thanks to the increasing price of oil in the world market. Its post-tax profit hit VNĐ158 billion, up 61 per cent compared to the same period last year.

PV GAS D targets over VNĐ9.3 trillion in revenue, and VNĐ205.1 billion in after-tax profit this year. — VNS

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