PV Gas shareholders approve VND7 trillion investments this year
PV Gas shareholders approve VND7 trillion investments this year
Almost all shareholders at the annual general meeting of PetroVietnam Gas Joint Stock Corporation (PV Gas) last Friday approved a plan to invest a combined VND7 trillion (US$325.5 million) in 30 major projects this year.
Among these projects are the first phase of the Nam Con Son 2 gas pipeline project in Ba Ria-Vung Tau Province aimed to increase gas supplies for the country’s southeastern region and a gas collection and supply system project in Thai Binh Province’s Tien Hai District.
PV Gas looks to supply 9,771 million cubic meters of gas and turn out 960,000 tons of liquefied petroleum gas (LPG). Together with its members, the firm will be able to meet over 70% of the country’s LPG demand.
PV Gas will implement a restructuring scheme and a staff reshuffle plan. It will revise up its chartered capital, withdraw its capital from SeaBank and Cuu Long Petro Gas Service-Transportation Joint Stock Company, and reduce its ownership at PetroVietnam Coating Joint Stock Company.
In addition, it will find buyers as it wants to sell a stake at PetroVietnam Steel Pipe Joint Stock Company and will map out a plan to lower Vietnam National Oil and Gas Group’s shareholding at PV Gas.
Shareholders of the corporation approved an after-tax profit target of nearly VND11.34 trillion this year and pay a 2015 dividend in cash for shareholders at 30%. The targets are based on the crude oil price of US$100 per barrel.
