PetroVietnam Gas Joint Stock Corporation (PV Gas), a subsidiary of Vietnam National Oil and Gas Group, plans to invest around US$3.5 billion in gas transport, processing, distribution and import projects between now and 2020.

PV Gas plans to invest around US$3.5 billion in gas transport, processing, distribution and import projects between now and 2020

PV Gas chairman Le Nhu Linh said at a news briefing on January 23 that the corporation is working on large-scale projects.

The projects include a 431-km gas pipeline between offshore blocks B, 48/95 and 52/97 and O Mon in Can Tho City with a daily gas capacity of 20.3 million cubic meters per day; phase two of the Nam Con Son project worth US$900 million; a US$227-million gas collection pipeline; and a US$140-million Su Tu Trang oilfield gas collection pipeline.

Domestic gas output is shrinking but a majority of gas volume is used to fuel power plants to guarantee energy security in the country.

PV Gas aims to build a major gas treatment plant in the southern coast province of Ba Ria-Vung Tau in the short run, according to the chairman.

The corporation plans to divest State-owned capital until 2020, he said, and the Government’s holding in PV Gas will fall to 65%. It is on the lookout for foreign strategic shareholders that have modern technology and good corporate governance.

PV Gas posted revenue of over VND62.5 trillion (US$2.75 billion) and pre-tax profit of around VND9.7 trillion (US$429.3 million) last year. Its gas output stood at 9.7 billion cubic meters.

The firm provides gas for power plants which are responsible for roughly 30% of the country’s electricity output. 

SGT