Content2011 - PETRONAS Gas Berhad

Financial Review
revenUe
In the year under review, the Group recorded
an all time high revenue of RM3,525.0 million,
representing a 9.4% (RM303.2 million)
increase from RM3,221.8 million recorded
in the previous year. This was due to higher
throughput services income, comprising gas
processing and gas transportation revenue,
and industrial utilities sales by 10.1%
(RM249.0 million) and 7.3% (RM54.2 million),
respectively.
Throughput services income had risen by
10.1% from RM2,475.0 million to RM2,724.0
million mainly due to the incorporation of
the revised commercial terms of the 4th Term
GPTA which was effective 1 April 2010
despite lower daily average volume of gas
delivered. Daily average volume of sales gas
delivered to PETRONAS customers decreased
by 1.5% (32 mmscfd) from 2,178 mmscfd to
2,146 mmscfd. This was mainly due to lower
feedgas supply from domestic gas fi elds.
The year saw the Group recording higher
income from Performance-Based Structure
through increase in extraction effi ciency of byproducts.
The production of ethane, propane
and butane increased by 3.7%, 2.6% and
0.5% respectively. Higher production of
these by-products was mainly contributed
by higher by-products composition in the
feedgas received from domestic gas fi elds and
feedgas realignment initiative which ensured
maximum extraction of by-products resulting
from operating at optimum plant conditions.
The increase is further contributed by higher
price realised from the export sales. Under the
4th Term GPTA, the Company receives 30%
share of PETRONAS’ margin from export sales
of propane and butane.
Utilities revenue increased by 7.3% (RM54.2 million) from RM746.8 million to RM801.0 million
mainly due to higher sales of steam and electricity as a result of higher sales volume by 15.3%
and 9.0% respectively. Industrial gases sales volume, on the other hand, decreased slightly by
2.7% compared to previous year mainly due to lower offtake by customers.
Feedgas processed at the
gas processing plants
2011
(mmscfd)
2010
(mmscfd)
Increase/
(Decrease)
(mmscfd) %
2,080 2,151 (71) (3.3)
Sales gas delivery from JDA 336 343 (7) (2.0)
Total gas injected into the system 2,416 2,494 (78) (3.1)
Total sales gas delivery 2,146 2,178 (32) (1.5)
Liquid by-products
66 petronas gas berhad (101671-h)
2011
(MT)
2010
(MT)
Increase/
(Decrease)
(MT) %
Ethane production 1,284,216 1,238,664 45,552 3.7
Propane production 1,264,944 1,232,532 32,412 2.6
Butane production 859,356 854,976 4,380 0.5
Utilities 2011 2010
Increase/
(Decrease) %
Electricity (kwh) 1,907,715,383 1,750,777,848 156,937,535 9.0
Steam (MT) 4,584,545 3,976,382 608,163 15.3
Industrial Gases (Nm 3 ) 619,413,281 636,465,757 (17,052,476) (2.7)