PVPIPE, PV Coating allowed to provide products and services for PV Gas’ projects

Deputy Prime Minister - Mr. Dzung D. Trinh has just issued a letter to Ministry of Planning and Investment, Ministry of Industry and Trade, PetroVietnam, PV Gas on the selection of contractors with all products in the unit of PV Gas.

Accordingly, PVPipe and PVCoating are allowed to supply LSAW straight-welded steel pipes and the services of pipe wrapping and coating for projects under the project invested by PV GAS for three years.

PV Coating is the only company to provide pipe wrapping and coating for oil and gas products

Deputy Prime Minister required PV Gas to ensure the selection of contractors to fulfill the requirements of the packages which includes the progress, prices, economic efficiency, and no wastes in the implementation.

Activities inside PV Pipe factory

It is known that in the first 6 months of 2018, PVPipe and PVCoating have recorded many efforts in production and business. With the signing of pipe-laying contracts, in the first 6 months of 2018, business results of PV Coating increased highly, with turnover of VND 136.5 billion, double more than the same period of 2017; Profit after tax was VND 27.3 billion, far exceeding the figure of VND 0.4 billion in the same period of 2017.

Earnings per share (EPS) for the first 6 months reached VND1262. In 2018, PVCoating set a profit after tax of VND 28 billion, with results achieved in the first 6 months as PVCoating has fulfilled 98% of target profit after 6 months.

In the first 6 months of 2018, PV Pipe has produced 324 tons of pipes (serving the needs of Kurihara Vietnam, Nhat Tinh Environmental Solutions, An Hoang Phat, Mitsui Vietnam), bringing revenue of 7.3 billion. It is expected that PV Pipe will have new opportunities in future projects such as Lot B gas pipeline project, Nam Con Son 2 gas pipeline project - Phase 2, Dung Quat Refinery Expansion.

In these days, PVB shares of PVCoating have made sharp increase.
In the session of 13^th September, PVB has increased its trading band (nearly 10%) to VND18,400 and in the morning session of September 13^th  this stock continued to increase to VND 20,200

Mai Phuong