CEO of Vietnam Oil and Gas Group (Petrovietnam) Le Ngoc Son, along with a working delegation, held a meeting with Vietnam Gas Corporation (PV GAS) to assess the implementation of the first half of the year’s plan and to deploy tasks for the second half of 2024, as well as to discuss future development directions.
The delegation included Mr. Bui Minh Tien – Member of the Board of Directors; Mr. Do Chi Thanh – Deputy General Director; and leaders from related departments of the Group. On the side of PV GAS, there were Mr. Nguyen Thanh Binh – Chairman of the Board of Directors; Mr. Pham Van Phong – CEO; along with the leadership team and key officials.
During the meeting, PV GAS leaders reported that in the first half of the year, the production and business facilities of PV GAS operated continuously and safely. The company imported 4 LNG shipments to supply electricity during peak dry season, helping to compensate for the rapidly declining domestic gas production. LPG business output reached the highest level ever, increasing by 38% compared to the same period last year, with revenue reaching 1 billion USD, an increase of nearly 9 trillion VND compared to 2023. Exports and international business also contributed over 11 trillion VND, compensating for the revenue decline from domestic gas sources. Investment and construction activities were actively implemented, with disbursement value reaching 124% of the 6-month plan.
With these results, PV GAS completed all management targets assigned by the Group, with total revenue reaching 111% of the management plan, up 12% compared to the same period, ranking second in the Group. Pre-tax profit achieved 129% of the management plan, ranking third in the Group.
PV GAS leadership also highlighted the challenges they are facing, including the faster-than-expected decline in domestic gas sources and regulatory obstacles in investment and business operations. These challenges directly impact production activities and PV GAS's development strategy.
PV GAS identifies business and market development as a short-term driver while pursuing green transition and development goals in the medium and long term, with LNG as the core product for the future. To achieve this, infrastructure investment needs to be prioritized to capture the market amidst the rapid decline of domestic gas.
PV GAS recommended that the Group's leadership support cooperation with localities to implement LNG storage projects in the Northern and Central regions, and to engage with relevant ministries and sectors on LNG business mechanisms, gas pricing, and other related issues.
After reviewing the reports and discussion inputs, Petrovietnam General Director Le Ngoc Son acknowledged PV GAS's commendable results and emphasized the necessity of adjusting business strategies to align with new circumstances.
Mr. Le Ngoc Son encouraged PV GAS to continue developing infrastructure and LNG business, enhancing LPG business, and expanding the hydrogen sector linked to the renewable energy value chain. He requested PV GAS to finalize its strategy until 2030, with a vision towards 2050, in alignment with the Group's strategy.
Facing numerous challenges ahead, General Director Le Ngoc Son called on the PV GAS team to maintain the spirit of “One Team, One Goal” to effectively implement the management plan for 2024, contributing to the success of the 5-year plan for the period 2021 – 2025.
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