Look at the bright side - Sucor Sekuritas
Delayed implementation of the new gas price scheme
We just had a conference call with Perusahaan Gas Negara (PGAS) to discuss the new regulation that will reshape the company’s performance in the future. Two recent Ministry of Energy and Mineral Resources (MEMR) decrees, regarding special gas from PGAS to Perusahaan Listrik Negara (PLN) and 7 selected industries. Referring to these decrees, total volume allocated to these types of customers account for about 60% of PGN’s total consolidated distribution volumes sold last year. The managements express that the demand during quarantine period declined significantly. They mentioned that cumulatively since March to May 2020, their distribution volume was down by around 250 – 300 mmscfd (Fig.4). This is not only from commercial and industries sectors but also from power plant including PLN which down significantly during the period. Luckily on this story, payment problem is not an issue for PGAS’s clients as their payment schedule remains on time.
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