Petrovietnam Gas nears annual profit target in first six months

By Tat Dat June 23, 2022 | 04:00 am PT

Employees of Petrovietnam Gas at the Dragon Gas Compression Platform. Photo courtesy of the company

Petrovietnam Gas (GAS) posted VND6.9 trillion ($296.79) in post-tax profits in the first six months, or 98 percent of its yearly plan, thanks to rising oil prices.

Revenues were VND54.56 trillion, equivalent to over two-thirds of its business plan. The profits and revenues were 59 and 34 percent higher than last year, respectively.

GAS management attributed growth to rising oil and LPG prices, and market development and cost-reduction plans.

Viet Capital Securities forecast the Brent crude oil price to rise by 20 percent this year to the highest of $85 a barrel. Prices would also rise on the Organization of the Petroleum Exporting Countries’ (OPEC) production cut and lower supply from the U.S.

VnDirect Securities expected GAS’ dry gas production to rally on rising demand in the second half of this year.

GAS produced over one million tons of liquefied petroleum gas (LPG), accounting for 70 percent of domestic share. Meanwhile, gas condensate production rose by 85 percent year-on-year.