The Pakistani official said Islamabad wants to act fast and is in advanced negotiations with Malaysia's Petronas, Russia's Gazprom, Turkey's Botas and Oman Trading International.
KUALA LUMPUR: Petronas Gas Bhd
posted a dip in Q3 earnings to RM417.4mil compared to RM422.12mil previously owing to higher depreciation in line with completion of capital projects and higher utilities cost of sales from higher fuel gas prices.
Revenue for the quarter was marginally higher to RM1.16bil as higher contribution from the utilities and regasification segments was offset by lower gas processing and gas transportation revenue.
The Board has approved a third interim dividend of 16 sen per ordinary share with ex and payment dates on Nov 27 and Dec 8 respectively.
Year-to-date, the group reported revenue of RM3.5bil, which was 2.9% higher from the previous corresponding period while net profit increased 2.5% to RM1.3bil.
Earnings per share rose to 66 sen versus 64.37 sen in the year-ago period.
In its announcement to Bursa Malaysia, Petronas Gas noted that its processing, transportation and regasification segments continued to perform above 99% reliability.
"Gas processing’s liquid plant extraction performance continued to exceed target, contributing towards continued PBS income albeit at lower tranches compared to corresponding quarter.
"Meanwhile, the Utilities segment recorded favourable selling price in line with upward fuel gas price revision although steam and industrial gases production volume were lower due to lower demand," it said.
Contribution from the transportation segment was marginally lower due to higher repair and maintenance costs.
In the regasification segment, earnings were impacted by higher floating storage unit lease and rental as well as higher depreciation upon completion of several capital projects.
Moving forward, the group noted that its new LNG Regasification Terminal in Pengerang, Johor, started operations on Nov 1 and will contribute to the revenue stream.
It also noted that the gas transportation and regasification segments will be subject to new requirements in 2018.
"Effective 16 January 2018, the Gas Transportation and Regasification segments activities shall comply with the new requirements of Gas Supply (Amendment) Act 2016, certain details of which are yet to be issued by Energy Commission."
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
