PetroVietnam Gas JSC (PV Gas) plans to sell 30 per cent of its total shares by 2020. Shell, Total, and Tokyo Gas have already expressed their desire to become strategic investors in the company.

The company wants to approach new technology in the coming time

Currently, 95 per cent of PV Gas’ charter capital is owned by the state, but it is expected to be reduced to 65 per cent by 2020. PV Gas hopes to approach new technology in order to improve performance and transparency.

Royal Dutch Shell PLC and Total Group (France) are long-term foreign investors of PV Gas. Later on in 2012, PV Gas and Tokyo Gas Co., Ltd. (Japan) established a comprehensive partnership. These three partners all hope to become strategic investors of PV Gas when the state divests from this company.

PV Gas has been studying the recent divestments of Vinamilk and Sabeco to draw up its own strategy. The company also revealed that it has spent $3.5 billion on several projects related to gas fields, pipelines, warehouses, and imported equipment.

As the country’s gas fields are becoming exhausted, the import demand will increase by 8-10 per cent by 2020. PV Gas has been building up an infrastructure system to serve import in the next years.

Last year, PV Gas’ consolidated revenue hit VND64.8 trillion ($2.85 billion) with VND9.8 trillion ($0.43 billion) in net revenue, increases of 9 and 37 per cent on-year, respectively. Business results are positive due to the increasing price of crude oil.

Last year, the price of crude oil increased by 10 per cent compared to the expected price, which was $50 per barrel. If the average price is $50 per barrel this year, PV Gas’ estimated revenue will be VND55.7 trillion ($2.5 billion) and net revenue will hit VND6.4 trillion ($0.28 billion).

PetroVietnam Gas Joint Stock Corporation (PV Gas) will have to pay VND106 billion ($4.67 million) in tax arrears, including missed tax payments and the resulting fine.

On July 31, Japan's biggest urban gas supplier Tokyo Gas Asia Pte., Ltd. (Tokyo Gas), a wholly owned subsidiary of Tokyo Gas Co., Ltd., announced acquiring a 24.9 per cent stake in Vietnamese gas firm PetroVietnam Low Pressure Gas Distribution Joint Stock Company (PV Gas D), a unit of PetroVietnam Gas Joint Stock Corporation (PV Gas).

PetroVietnam Gas Corporation (PV Gas) and a joint venture of South Korea's Posco Engineering Co Ltd., along with PetroVietnam Technical Services Corporation (PTSC), signed an engineering, procurement and construction (EPC) contract on August 13 for the VND5.5 trillion ($248.81 million) first stage construction of the Ca Mau Gas Processing Plant.

PetroVietnam Gas Corporation (PV Gas) is the largest exporter in the Cambodian gas market, claiming more than half of the market share.

VIR