PV Gas, a Petrovietnam subsidiary, has opened a liquefied petroleum gas (LPG) filling and distribution station in Ba Ria-Vung Tau province, dubbed Vietnam’s oil and gas exploration hub.
The Ba Ria-Vung Tau station in Long Dien district is expected to further boost the southern Vietnam business of the largest gas company in the country. Its filling capacity is 1,000 tons a month.
The new facility, launched on Friday, supplies Petrovietnam Gas-branded LPG.
PV Gas LPG - the PV Gas member that holds the brand - has in recent years obtained fast growth in southern Vietnam, according to PV Gas.
PV Gas posted an after-tax profit of $6,919 billion ($296 million) in the first six months of 2022, up 59% year-on-year. Its revenue reached nearly $2.34 billion during the period, increasing 34%.
PV Gas said surging prices of oil and LPG were an advantange, but its business also faced many challenges due to the Russia-Ukraine conflict and global supply chain disruptions caused by China’s Covid-19 control policy.
In the first half, the Petrovietnam member produced and supplied more than one million tons of LPG, 23% higher than its plan and equal to 99% of that in the same period last year, accounting for about 70% of Vietnam’s wholesale market.