Content2011 - PETRONAS Gas Berhad

Directors’ Report
For the Year ended 31 MarCh 2011
Other Statutory Information (Continued)
137 annUaL report 2011
iv) not otherwise dealt with in this report or the fi nancial statements, that would render any amount stated in the fi nancial statements of the
Group and of the Company misleading.
At the date of this report, there does not exist:
i) any charge on the assets of the Group or of the Company that has arisen since the end of the fi nancial year and which secures the liabilities
of any other person, or
ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the fi nancial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the period
of twelve months after the end of the fi nancial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group
and of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors, the results of the operations of the Group and of the Company for the fi nancial year ended 31 March 2011 have
not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event
occurred in the interval between the end of that fi nancial year and the date of this report.
Signifi cant Event
The signifi cant event during the fi nancial year is in relation to signing of Heads of Agreement with Petroliam Nasional Berhad (PETRONAS) for
the development of Liquefi ed Natural Gas (LNG) Regasifi cation Facilities (the Project) by the Company and the subsequent provision of LNG
regasifi cation services by the Company to PETRONAS.
The Project will be located in the vicinity of Sungai Udang Port, Melaka and will encompass the following facilities:
i) 2 fl oating storage units (FSUs) to receive and store LNG;
ii) An island jetty and regasifi cation units to regasify LNG; and
iii) Subsea and onshore pipelines to transport the regasifi ed LNG to the Peninsular Gas Utilisation (PGU) pipeline network.
The Regasifi cation Facilities will have a maximum send-out capacity of 3.8 million tonnes per annum.
Subsequent Events
There were no material events subsequent to the end of the year.
Auditors
The auditors, Messrs KPMG Desa Megat & Co., have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Datuk Anuar bin Ahmad Samsudin bin Miskon
Kuala Lumpur,
11 May 2011