General Director of Vietnam Oil and Gas Group (Petrovietnam) Le Ngoc Son and the delegation had a working session with Vietnam Gas Corporation (PV GAS) to evaluate the implementation of the plan for the first 6 months of the year and deploy tasks for the second half of 2024, as well as future development directions.
Participating in the working group were Mr. Bui Minh Tien - Member of the Board of Directors, Mr. Do Chi Thanh - Deputy General Director, and leaders of relevant departments of the Group. On PV GAS's side, there were Mr. Nguyen Thanh Binh - Chairman of the Board of Directors, Mr. Pham Van Phong - General Director, and a group of leaders and key staff.
During the meeting, PV GAS leaders reported that in the first 6 months of the year, PV GAS's production and business facilities operated continuously and safely. The company imported 4 LNG shipments to supply electricity production during the peak dry season, contributing to compensating for rapidly decreasing domestic gas output. LPG business output reached the highest level ever, up 38% over the same period last year, with revenue reaching 1 billion USD, an increase of nearly 9 trillion VND compared to 2023. Export and international business also reached more than 11 trillion VND, compensating for the decline in revenue from domestic gas sources. Construction investment work is being actively implemented, with disbursement value reaching 124% of the 6-month plan.
With these results, PV GAS has completed all management plan targets, revenue reached 111% of the plan, increased 12% over the same period, and ranked 2nd in the Group. Profit before tax reached 129% of plan, ranking 3rd in the Group.
PV GAS leaders also pointed out the difficulties being faced, including the decline in domestic gas resources faster than forecast and problems with policy mechanisms in investment, production and business. These challenges directly affect PV GAS's production activities and development strategy.
PV GAS determines that business and market development will be the short-term driving force, while implementing green transformation and development goals in the medium and long term, with LNG being the key product in the future. To achieve this, infrastructure investment needs to be prioritized to dominate the market in the context of dwindling domestic gas resources.
PV GAS recommends that the Group's leaders support and coordinate with localities to implement LNG warehouse projects in the North and Central regions, along with working with ministries and branches on LNG business mechanisms, gas prices, and other related issues.
After listening to the reports and discussion opinions, Petrovietnam General Director Le Ngoc Son noted the encouraging results of PV GAS, and emphasized the need to adjust business strategies to suit the new situation.
Mr. Le Ngoc Son also encouraged PV GAS to continue developing infrastructure and LNG business, promoting LPG business, as well as developing the hydrogen field associated with the renewable energy value chain. He asked PV GAS to complete the strategy until 2030, vision to 2050, in sync with the Group's strategy.
Facing many challenges in the future, General Director Le Ngoc Son called on the PV GAS team to maintain the spirit of "One team, One goal" to well implement the 2024 management plan, contributing to the success of the 5-year plan for the period 2021 - 2025.