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PGD - HOLD - 1Q12: Shrinking margins, weak demand - Update

PGD is the sole piped gas distributor to industrial users in IPZs by sourcing gas from its parent company, PetroVietnam Gas (GAS), the exclusive natural gas supplier in Vietnam. PGD’s only product is dry gas. Piped gas distributed to industrial users is mainly sourced from the Cuu Long basin processed from wet gas collected during oil exploitation. The wet gas is processed in the Dinh Co Gas Processing Plant (GPP) and distributed through pipelines to Phu My Fertilizer plant and industrial users.