PV Power reaps $88 mln profit in 2022

Petrovietnam subsidiary PV Power posted pre-tax profit of VND2,071 billion ($88.3 million) in 2022, exceeding its plan by 140%.

The company's revenue reached VND28,527 billion ($1.22 billion), 18% higher than planned.

In 2022, the company signed an EPC contract for Nhon Trach 3 and 4 liquefied natural gas (LNG)-fired power plants in Dong Nai province. With a total capacity of 1,500 megawatts and capitalized at $1.4 billion, Nhon Trach 3 and 4, located in Nhon Trach district, are important national projects under Vietnam’s power development plan VII (PDP VII) and draft PDP VIII. The government has assigned PV Power as investor.

The company sets a total revenue target of VND30,332 billion ($1.29 billion) for 2023, up more than 6% year-on-year and after-tax profit plan of VND1,118 billion ($47.68 million).

PV Power Deputy general director Nguyen Duy Giang said that in the long-term, by 2025, PV Power would strive to achieve a total installed power capacity of 5,760-7,260 MW and for electricity production to reach 22-24 billion kWh per year.

Accordingly, PV Power will focus on developing power sources using LNG, with the initial step being completing the investment in Nhon Trach 3 and 4. This is Vietnam's first LNG-fueled power project, and according to the approved schedule, the project would be completed in 2024-2025.

In addition, PV Power continues to promote investment in other LNG-using power projects like Quang Ninh Gas Power Plant, while seeking, researching and contributing capital to invest in highly feasible renewable energy projects, striving to put LNG power projects into operation in the period 2026-2035.

In Vietnam, LNG is drawing increasing attention as a power generation fuel as coal falls out of favor and the country seeks carbon neutrality by 2050. Many foreign investors are eyeing investments in LNG import terminals and power plants at present.