PV GAS raises response to Covid-19 and oil price happenings

Mar 10th at 19:22

10-03-2021 19:22:29+07:00

To follow directions issued by the Vietnam National Oil and Gas Group (PetroVietnam), the PetroVietnam Gas Joint Stock Corporation (PV GAS) has promoted solutions to cope with the Covid-19 pandemic and updated changes in 2021 crude oil prices.

PV GAS strengthens coordination with units for sustainable development

Maintaining and strengthening disease prevention measures in production and business activities

Ahead of the New Year holiday, the Lunar New Year celebrations in mid-February and the dry season of 2021, PV GAS issued a directive on measures to enhance security, safety, fire prevention and fighting. Its units coordinated with relevant police forces of Ba Ria-Vung Tau, Dong Nai, Ca Mau and Thai Binh provinces to organize security and safety checks of gas works during the National Party Congress and before and during the Tet holidays.

PV GAS has also been strictly implementing the disease prevention regulations of the Ministry of Health and the Group and has provided weekly reports to its Heath-Safety-Environment Division.

To successfully implement its planned 2021 targets, PV GAS is working with ministries, sectors and the EVN to increase the gas output in 2021; map out and implement scenarios of gas source mobilization and regulation to ensure optimal operation in line with fluctuating oil prices and the pandemic; regularly review and complete technical processes in production, business, maintenance and repair activities in accordance with regulations, efficiency and cost optimization.

Providing a warm Tet for duty workers on offshore gas platforms

Investment and market development

As for investment, it will focus on important issues such as developing, issuing management process of portfolio investments at PV GAS; completing and implementing an overall project on an efficient and optimal LNG import infrastructure system nationwide; closely coordinating with contractors to ensure progress of the one-million-tonne Thi Vai LNG warehouse project (capacity will be raised to deal with three million tonnes of LNG in the second phase); ensuring stable supplies and increasing LPG market share in the northern region; reviewing and deploying investment, purchase/merger of LPG trading companies.

Regarding financial management, PV GAS will adopt optimal solutions for capital efficiency such as reviewing, supplementing and completing financial regulations, and development trends based on an active and flexible mechanism, but also under strict inspection and supervision (debt management, financial investment, capital mobilization and utilization); diversifying forms of capital mobilization to meet the corporation’s capital needs for further development.

As for the gas market development, PV GAS aims at product diversification and consumer diversification to ensure sustainable development; promoting marketing activities, turning PetroVietnam Gas into a prestigious and quality brand name in Vietnam and the international market; developing a contingent of specialized, qualified staff who regularly monitor and follow market developments at home and abroad, and give assessments and forecasts promptly to serve the production and business activities of the corporation.