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Analyst Meet / AGM
12-Feb-20
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Conference Call
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Petronet LNG
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Expects capex of Rs 600-800 crore for FY21-23
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Petronet LNG conducted conference call to discuss results for the quarter ended December 2019 and way forward. Mr. V K Mishra, Director (Finance), Mr. G K Sharma, CGM & VP (Marketing), Mr. Debabrata Satpathy, DGM (F&A), Mr. Vivek Mittal, GM (Marketing) and Mr. Ashwani Agarwal, Dy Manager (F&A) of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 233 thousand btu (TBTUs) in Q3FY'20 compared to 202 thousand btu in Q3FY'19 and 250 thousand btu in Q2FY'20.
- Dahej terminal volume was 222 thousand btu while Kochi terminal handled 11 TBTUs of LNG.
- Out of total Dahej volumes- 102 TBTUs were from long-term supply, 9 TBTUs were for short-term supply and 111 TBTUs were re-gasification quantities.
- Current Dahej utilization was 100% compared to 103% in Q3FY19 and 108% in Q2FY20.
- The company indicated that Kochi-Mangalore pipeline is expected to be commissioned by March 2020, as confirmed by GAIL. The utilization of the terminal is expected to increase to 30-35% in the near term from 17% currently, driven by incremental off-take from FACT, MRPL, OMPL, MCF and other customers in the region.
- The company indicated that the discussions for renegotiation of RasGas contract has been initiated by the company and its off-takers amid a sharp decline in spot LNG prices and weak outlook in the near term. However, renegotiation may take time to yield results, if any.
- The company will decide on the Tellurian MoU before the end of current fiscal year. Details on volume (including back-to-back agreement with customers) or pricing of LNG from Tellurian (if PLNG decides to go-ahead) are not yet decided.
- There has been no material progress on the proposed LNG regasification projects in both Bangladesh and Sri Lanka.
- Dahej tariff is Rs 51.75 per mmbtu as there was 5% hike in the tariff prices while Kochi tariff is Rs104.5 per mmbtu. Negotiations are going on to reduce the Kochi target to Rs 79.14 per mmbtu
- Total cash balance as on December 2020 was Rs 4670 crore
- The company expects capex of Rs 600-800 crore for FY21-23 out of which Rs 100-200 crore is required for each station commissioning. Total capex guidance for FY21 is Rs 350 crore (Rs 126 crore for installing the terminals and Rs 65 crore for 2 tanks which needs to be built in Dahej)
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