Hanoi (VNA) - The PetroVietnam Gas Corporation (PV Gas), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), was among the top 50 Vietnamese firms receiving the 2019 sustainable energy award.

As part of the national programme on energy efficiency for 2019-2030, the vote-based awards were held for the first time by the Ministry of Industry and Trade and the Vietnam Energy Conservation and Energy Efficiency Association to honour energy exploitation, processing, and distribution companies; those working in the renewable energy sector; and those producing energy-saving products.

From across the nation, more than 500 enterprises in electricity, oil and gas, coal mining, and renewable energy, among others, were involved in the awards programme.

To receive the honour, PV Gas demonstrated outstanding performance in multiple regards, including effective production, the fulfilment of tasks assigned by the Government, compliance with regulations on the efficient use of energy, and innovation in business activities.

Founded in September 1990, the company, as a pioneer of the gas industry in Vietnam, annually produces resources generating 30 percent of Vietnam’s electricity output. It also contributes to promoting the implementation of the country’s strategy for clean energy development.

PV Gas reported nearly 27.6 trillion VND (1.18 billion USD) in revenue between January and May this year, more than 6 percent higher than its target for the period. Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by 34 percent. The company also contributed close to 2 trillion VND to the State budget, 62 percent higher than expected.

According to PV Gas General Director Duong Manh Son, its operations were impacted by the COVID-19 pandemic triggering a fall in oil prices.

PV Gas has made every effort to sustain its business, reduce inventory, and clear several construction hurdles, he said.

As such, the company produced and distributed nearly 3.8 billion cubic metres of gas in the first five months of this year, meeting its target. Production and distribution of LPG and condensate stood at 720,000 and 26,000 tonnes, respectively, 41 and 10 percent higher than targeted.

Also on the list were four other subsidiary firms of PetroVietnam: PetroVietnam Power Nhon Trach 2 Joint Stock Company, PetroVietnam CaMau Fertilizer Joint Stock Company, PetroVietnam CaMau Power Company, and PetroVietnam Ha Tinh Power Company.

All recipients can use the award logo as part of their business activities.

According to Deputy Minister of Industry and Trade Hoang Quoc Vuong, the country’s demand for electricity has grown at a substantial 10.6 percent on average every year in the 2016-2020 period. Growth in the 2021-2025 and 2026-2030 periods are projected at 8.5 percent and 7.5 percent, respectively.

He hoped there will be more firms joining the awards next time around, spreading a message about saving energy, developing renewable energy, and protecting the environment for sustainable economic growth.

In March 2019, the Government approved a national target programme on economical and efficient energy use for 2019-2030, which aims to save 5-7 percent of total energy consumed during 2019-2025 and 8-10 percent during 2019-2030.

The Ministry of Industry and Trade (MoIT) cited the results of an energy audit at 10 businesses that showed that they used to consume about 3.7 million tonnes of oil equivalent (TOE) worth nearly 672.77 million USD each year. After applying efficient energy use solutions, they have saved nearly 174 TOE, equivalent to 78,000 USD, and reduced 606,808 tonnes of CO2 emissions every year.

According to the MoIT’s Energy Efficiency and Sustainable Development Department, the energy saving potential of industries in Vietnam is considerable, about 20 – 30 percent./.