GAS announced Q4 2020 results with revenue of VND15.5tn (USD666mn; -10.4% YoY) and NPAT-MI of VND1.7tn (USD72mn; -44.1% YoY), which was mainly because the gas sales volume in Q4 declined by 13.9% YoY while average fuel oil price was USD272/ton (flat YoY). For 2020, revenue and NPAT-MI dropped 14.9% YoY and 34.5% YoY, respectively. Total gas sales volume in 2020 declined by 9.2% YoY to 8.9 billion cubic meters and average fuel oil (FO) price dropped by 32.2% YoY to USD245/ton