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Analyst Meet / AGM
28-Jul-18
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Conference Call
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Petronet LNG
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Dahej expansion to complete in June 2019
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Petronet LNG conducted conference call to discuss results for the quarter ended June 2018 and way forward. Mr. V. K. Mishra, Director (Finance), Mr. Mukesh Gupta, Vice President (F&A) and Mr. Pankaj Wadhwa- Sr. VP Marketing of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 220 thousand btu (TBTUs) in Q1FY'18 compared to 192 thousand btu in Q1FY'18 and 213 thousand btu in Q4FY'18.
- Dahej terminal volume was 214 thousand btu while Kochi terminal handled 6.2 TBTUs of LNG.
- Out of total Dahej volumes- 112 TBTUs were from long-term supply, 5 TBTUs were for short-term supply and 97 TBTUs were re-gasification quantities.
- Current Dahej utilization was 111% compared to 96% in Q1FY18 and 109% in Q4FY18.
- Gorgon volumes was 17 TBTU during Q1FY19, of which 10 TBTU was processed at Dahej
- The company saw improvement in margin led by lower internal consumption of gas, with better efficiencies in operations. Internal consumption reduces at higher temperatures and hence the witnessed lower consumption compared to previous quarter
- GAIL continues to maintain that Mangalore pipeline will be completed by December 2018. For the Bangalore segment, discussions with Tamil Nadu government are under way
- The company plans to set up 20 LNG stations along the highways. Discussions are underway with OMCs to set up these stations and EPC contracts will be awarded shortly. Around 200,000 MHCV and HCVs are added every year and 40,000 vehicles will consume around1 million tonne per annum of LNG. China currently consumes 10 million tonne in this segment
- The company has project commitment of USD1 billion for 7MMT capacity in Bangladesh. Petronet LNG has submitted DFR and term sheets and is seeking approval from the relevant committees. It is also in the process of finalising implementation and terminal service agreements. Two FSRUs have been finalised and a third one is being evaluated in Bangladesh. However, a land-based capacity (proposed by Petronet LNG) will enjoy benefits in a cyclone-prone area. Bangladesh is primarily a gas-based economy and hence the company doesn't expect dearth in demand.
- The company has proposed 2.5 MMT FSRU for USD 300 million. Currently, pre-FEED studies are underway. Sri Lankan venture is in a consortium, with PLNG's share at 47.5%.
- Tolling revenue was Rs 436 crore in Q1FY19 compared to Rs 307 crore in Q4FY18 and Rs 350 crore in Q1FY18
- The company is expanding Dahej terminal from 15 MMT to 17.5 MMT and is scheduled for completion in June 2019. The company has incurred Rs 190 crore and it expects further investment of Rs 100 crore. The cmpany has also submitted bids for CGD projects in seven areas, mainly in South India at an estimated outlay of Rs 6700 crore for seven areas over eight years. Beyond the initial eight years, the company expects capex of Rs 11300 crore over the life of the infrastructure.
- Chinese demand has been very strong due to replacement of coal with gas. The company expect this dynamic to sustain and therefore expect spot prices to remain strong
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