PV Gas has announced its successful import and supply of 400 million cubic meters of LNG to power customers during the peak dry season in 2024, including for the trial run of the Nhon Trach 3 Power Plant.
This marks the first time imported LNG has been used for power generation in Vietnam, with the company also achieving the successful supply of LNG to the northern region via rail and truck since the beginning of September 2024. This completes a comprehensive energy supply chain, utilizing pipelines, waterways, roads, and railways to cover the entire territory of Vietnam. Additionally, PV Gas executed its first international LNG trading deal, amounting to over 70,000 tons, marking its entry into the global LNG business map.
In terms of production, PV Gas is expected to surpass all planned targets, with exceptional performance in LPG sales, reaching a record volume. The company’s received gas volume (including imported LNG) is estimated at nearly 7 billion cubic meters, exceeding the plan by 2%, while the produced and supplied gas volume (including regasified LNG) is anticipated to surpass the plan by 2%, reaching over 6.4 billion cubic meters. Condensate production and consumption are on track to meet the plan, with a volume of over 76,000 tons. LPG production reached 392,000 tons, 1% higher than planned, while LPG sales neared 3.1 million tons, a remarkable 66% increase from 2023, capturing a 70% market share nationwide. International LPG sales also hit a record high of nearly 1.5 million tons, reflecting a 68% year-on-year growth.
PV Gas’ financial performance is estimated to surpass the planned targets by 50-82%, with record-breaking revenue and profit growth compared to 2023. The company’s total revenue is projected to reach nearly VND 130 trillion, a 10% increase, contributing almost 13% to Petrovietnam’s (PVN) total revenue. Consolidated revenue is expected to reach nearly VND 105 trillion, exceeding the plan by 50% with a 14% growth rate. Pre-tax profit is estimated at over VND 13 trillion, surpassing the plan by 82%, accounting for nearly 25% of PVN’s total profit. Additionally, tax contributions are projected to exceed VND 6 trillion, 61% higher than planned.
Regarding investment and construction, the disbursed value is expected to reach nearly VND 2 trillion, 1% higher than planned. PV Gas has also completed the investment in the gas supply chain for the Nhon Trach 3&4 Power Plants, contributing to the completion of the LNG import project infrastructure. The company is preparing to invest in large-scale LNG storage projects in Binh Thuan province and plans to increase the capacity of the Thi Vai LNG warehouse to 3 million tons. Additionally, they are proactively working on enhancing the send-out capacity of the Thi Vai warehouse to 7.7 million cubic meters of gas per day, utilizing the existing investment infrastructure.
Looking ahead to 2025, PV Gas foresees several challenges, including a significant decline in domestic gas supply as new sources are not yet ready, unstable gas demand for power generation and industrial use, forecasted decreases in Brent oil prices, and challenges in implementing investment activities. Furthermore, policies and mechanisms for the development of the gas industry are not yet fully established.
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