03/21/2024 18:01

(PLVN) - On the occasion of the Vietnam Gas Corporation (PV GAS) deploying the supply of liquefied natural gas (LNG) for industrial production from March 15, Deputy General Director of PV GAS Nguyen Phuc Tue shared about the unit's orientation and goals in the LNG field.

- What is the motivation for PV GAS to change its business model and what benefits will it bring, sir?

Mr. Nguyen Phuc Tue - Deputy General Director of PV GAS.

First of all, it must be affirmed that the transformation of the business model is an intrinsic need of PV GAS to meet the changing requirements of the business environment and adapt to market fluctuations in the face of new trends. This is also one of the important solutions for PV GAS's Board of Directors to unify in a package of solutions to renew old driving forces while simultaneously seeking new growth drivers of PV GAS.

Over nearly 34 years of operation, PV GAS has developed a system of affiliated units and business members closely linked to product types, focusing on building and perfecting the supply chain of each separate product type. However, following the energy transition trend, with the increasingly changing market demand towards the use of diverse fuel sources, market fluctuations and price competition between alternative products, PV GAS has launched an optimal energy solution according to an integrated business model, in which LNG plays the role of the main product along with existing products such as LPG and CNG. This is a solution that provides customers with a variety of flexible fuel options suitable for price trends and production models when there are changes, ensuring continuous production and business, efficiency and competitiveness. This solution also acts as a "shock absorber", helping to reduce pressure and increase customers' proactive response when the energy market fluctuates.

LNG tanker docks at Ba Ria - Vung Tau port.

By bringing LNG to the Vietnamese market, PV GAS is the only unit that owns a complete set of gas products and services including dry gas, petroleum gas, compressed natural gas and liquefied natural gas. In addition, PV GAS owns a team of professional and experienced human resources and a complete infrastructure system, spanning all regions of the country. Therefore, PV GAS is completely confident in effectively implementing the integrated business model. Providing comprehensive energy solutions through an integrated business model is the commitment of PV GAS, the No. 1 gas trader in Vietnam, a trusted companion with partners and customers to ensure fuel sources for industrial and civil production and the country's socio-economic development.

- Currently, LNG is mainly supplied to the Southern market. What is PV GAS's plan to supply this type of raw material to the national market, sir?

Implementing the strategy of shifting business models and completing the LNG value chain, PV GAS officially supplied LNG for industrial production from March 15, 2024, aiming to meet the widespread LNG demand of customers nationwide with multimodal transportation options.

Planning business policies, including LNG price policies, is PV GAS's top priority in order to bring this product to consumers at a reasonable cost. We also need to clearly identify that LNG import prices are international market prices, which fluctuate and are affected by global political, economic and social factors. In order to have a stable supply of volume and price, PV GAS is actively seeking opportunities to cooperate with the world's leading LNG producers and suppliers in arranging imported LNG sources for the domestic market.

In addition, we also expand investment, develop LNG import infrastructure and quickly complete the supply chain across the country, which is also an important solution to optimize LNG distribution costs. In the coming time, PV GAS will start the second phase of Thi Vai LNG Warehouse to increase the capacity to 3 million tons/year, implement the Son My LNG Central Port Warehouse Project in Binh Thuan with a total capacity of 6 million tons/year and implement investment projects for Central LNG Port Warehouses in the Northern and North Central regions.

The first LNG tank trucks have officially supplied LNG for industrial production.

- How is PV GAS realizing the Net Zero goal by 2050 as committed by the Vietnamese Government to the world, sir?

Committing to carbon neutrality by 2050 is a challenging goal not only for Vietnam but also for developed countries. It is a journey that requires the efforts of the whole society, efficient use of energy, development of green technology and energy transition. In developed countries that are actively pursuing the goal of carbon neutrality, LNG is still the core fuel source because it has the lowest emissions, playing an important role in effectively replacing other traditional energy sources.

Providing LNG for industrial production is a new energy solution for the market, and also an important turning point in PV GAS's green energy journey, contributing to promoting energy transformation, towards a low-carbon economy, accompanying the Government in implementing the Net Zero commitment by 2050. In the face of the increasing demand for energy for the country's economic development, LNG is and will continue to play an important role in PV GAS's development strategy.

In the longer term, PV GAS has begun to research feasible directions in the production and blending of zero-emission gas products such as green Hydrogen and green Ammonia for trial use on the existing infrastructure systems of PV GAS and Petrovietnam. With a strategic vision of playing a leading role in the Vietnamese gas industry, PV GAS will continue to make continuous efforts on the green energy journey, aiming to realize the Net Zero goal by 2050 as committed by the Prime Minister.

Thank you very much!