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Analyst Meet / AGM
18-May-19
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Conference Call
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Petronet LNG
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Aims 25-30% utilization at Kochi terminal by the end of FY20
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Petronet LNG conducted conference call to discuss results for the quarter ended March 2019 and way forward. Mr. V.K. Mishra, Director (Finance), Mr. Mukesh Gupta, Vice President (Finance) and Mr. Pankaj Wadhwa- Sr. VP Marketing of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 205 thousand btu (TBTUs) in Q4FY'19 compared to 213 thousand btu in Q4FY'18 and 202 thousand btu in Q3FY'19.
- Dahej terminal volume was 198 thousand btu while Kochi terminal handled 7 TBTUs of LNG.
- Out of total Dahej volumes- 100 TBTUs were from long-term supply, 7 TBTUs were for short-term supply and 91 TBTUs were re-gasification quantities.
- Current Dahej utilization was 105% compared to 110% in Q4FY18 and 102% in Q3FY19.
- Inventory loss in Q4FY19 was due to valuation of inventory as per accounting standards with spot LNG prices dropping from USD 8 per mmbtu to almost USD 4 per mmbtu from Q3 to Q4FY19 end. It is notional but with recovery in spot LNG prices would be recouped. Already Rs 25-30 crore has been recovered out of Rs119 crore in total as gas prices are up to USD 5.5 per mmbtu currently. PLNG has not marketed the cargo yet and could gain from it once sold.
- Q4FY19 witnessed slowdown in terms of a fertilizer plant shutdown (maintenance scheduled once every two years), while IOCL's Panipat and Koyali refineries were also under shutdown, leading to an accumulation of two cargoes. Operational performance otherwise was steady.
- The company expects volumes to grow in the current quarter and is seeing traction in the power sector.
- GAIL's Kochi Mangalore pipeline remains on schedule for June 2019 completion following which a gradual ramp up is expected to happen in Kochi terminal volumes.
- Petronet LNG aims to hit 25-30% utilization at Kochi terminal by the end of FY20 against 10% currently. FACT has also signed 0.7 mmscmd deal for 300 days, which will also add up.
- Dahej's 2.5 mmtpa expansion will be completed by June 2019 and should stabilize by end of 2019. Petronet LNG is working on tie up tolling contract and is also open to bring own gas.
- In Sri Lanka, the JV agreement has been submitted. The project would be 2.5 mmtpa FSRU with USD 300 million in total capex. It aims to go ahead with Bangladesh only on a nomination basis with sovereign guarantees
- For US LNG, Petronet LNG is in talks with stakeholders but nothing has been finalized as yet. The deal is subject to long term (15-20 years) fixed price gas at less than USD 6 per mmbtu delivered in India. Different structures are being looked at. There could be investments in a mega project including upstream, pipelines and liquefaction or it could be just liquefaction.
- No take or pay was invoked in Q4FY19. Rasgas contracts will expire in CY27 while Gorgon contracts in CY35.
- Total capex for FY19 (including Rs 200 crore for two tanks' expansion at the Dahej plant) is Rs 600 crore.
- Dividend payout would depend on capex commitments going forward, including overseas capex.
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