Thursday, May 16, 2013

Gas Malaysia & PetGas

GAS Malaysia/PetGas: It is on track to higher profitability, after having been affected by increased gains tariffs since June 2011.

Gas Malaysia’s 10 year gas supply agreements with Petronas Bhd will be a major catalyst for the profit growth. It is fully contracted with Petronas to receive 40 million mmscfd in 2013. Another 30 mmscfd and 40 mmscfd will be provided in 2014 and 2015 respectively.

Its bottom line was significantly affected by a rm3 upward revision in gas tariffs, lifting its buying price for natural gas from rm11.05 to rm14.05 per million Mmbtu. Consequently its selling price rose from rm15 to rm16.07 per MMBtu.

The tariff revision was made in accordance with the government’s plan to reduce gas subsidies over the long term.

Gas Malaysia expects to receive additional gas supply from the Melaka Regasification Terminal (RGT), which had delayed the start of operations due to technical issues.

Petronas Gas Bhd, which owns a 14.8% stake in Gas Malaysia, is the operator of the LNG processing facility in Melaka.

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