GUJARAT STATE PETRONET LTD (GSPL)
|
|
- Randolf Thompson
- 5 years ago
- Views:
Transcription
1 COMPANY UPDATE Sumit Pokharna Summary table (Rs mn) FY13 FY14E FY15E Sales 11,732 11,598 10,365 Growth (%) EBIDTA 10,721 10,648 9,722 EBIDTA margin (%) PBT 8,258 7,676 6,438 Net profit 5,375 5,067 4,250 EPS (Rs) Growth (%) CEPS (Rs) BV (Rs/Share) DPS (Rs) ROE (%) ROCE (%) Net Cash (debt) (4,644) (3,243) (1,162) NWC (Days) (1) EV/Sales (x) EV/EBIDTA (x) P/E (x) P/BV (x) P/CEPS (X) Source: Company, Kotak Securities - Private Client Research GUJARAT STATE PETRONET LTD (GSPL) PRICE: RS.62 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.69 FY15E P/E: 8.2X The Supreme Court has directed the union government to supply natural gas to Gujarat at the price it supplies to Delhi and Mumbai. Accordingly, the Centre has started supplying gas under the APM from 1st Dec'13. As per the ministry's guidelines, GAIL India will supply 6.4 mmscmd of domestic gas to Gujarat for supply to City Gas Distribution companies (CNG and PNG). If GAIL fixes Dahej in Bharuch as the delivery point, the gas delivery would be easier due to pipeline network connection between Petronet LNG and GSPL. This will result in higher gas volumes for GSPL in short to medium term, we opine. We believe the full benefit of higher gas transmission volume will be reflected in Q4FY14 and onwards. GSPL's management believes that the company's gas transmission volume has bottomed out and it doesn't expect to fall below the current level of ~ mmscmd, given the fact that falling Krishna-Godavari Basin D6 block's (KGD6) volume is expected to find support at the current level. However, potential uptick in gas volumes is expected from FY2015E, led by incremental LNG imports which will augur well for the stock performance in the near term. We expect GSPL to transport ~22 MMSCMD of natural gas in FY14E and MMSCMD in FY15E. We expect GSPL to report an EPS of Rs.9.0 and cash EPS of Rs.12.5 for FY14E and similarly an EPS of Rs.7.55 and cash EPS of Rs.11.1 for FY15E. We recommend ACCUMULATE on GSPL with a revised target price of Rs. 69/Share (Rs.62 earlier), given inexpensive valuations at 8.2x PE based on FY2015E earnings. GSPL has invested Rs. 3.5 Bn in Gujarat Distribution Network Ltd (GDNL) for a 40% stake (GDNL holds 74% stake in Gujarat Gas). GSPL also holds 29% stake in GSPC Gas, which holds 60% stake in GDNL, thus effectively taking GSPL's stake in Gujarat Gas to 42.5%.We have not taken the valuation of the CGD business into consideration while valuing GSPL. Domestic gas supply Recently, RIL has indicated to boost natural gas output from KG-D6 block in the Q by repairing a third of the wells shut at its main gas field. RIL is mobilizing a drilling rig for the D1 & D3 fields (D1 & D3, the largest of the 18 gas discoveries in the KG-D6 block) to commence a three-well work-over programme. Work-over is the process of performing major maintenance or remedial treatment on an oil or gas well. Similarly, domestic gas production is expected to increase with the increase in gas production from ONGC's marginal fields. Bhatinda-Srinagar gas pipeline project update. Bhatinda-Srinagar gas pipeline (BSGP) project has seen some major delays in commissioning the work. This project will require an investment of Rs.8.8 Bn and got the approval ~ three years back. GSPL has yet to submit the 'Intend' and sign Memorandum of Understanding (MoU) to pave way for land acquisition. However, the survey for laying the pipeline, simultaneously from Srinagar and Bhatinda, has already been done. In our previous updates, we have clearly highlighted that we expect delays in these projects. As these projects have long gestation period (along with uncertainty) so on a conservative basis we have not considered the same in our valuation. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2
2 Key risk remains - margins to be capped at 12%post tax ROCE PNGRB has already stated its intent to cap the cross country natural gas pipeline returns at 12% post tax ROCE or 18.18% pretax ROCE. However due to lack of clarity from PNGRB, GSPL continues to charge such high tariffs for transportation of natural gas through its pipelines. Going forward the major growth in GSPL is expected to come from inter-state pipelines across Gujarat, Rajasthan, Maharashtra and Andhra Pradesh. But these projects will take next 4-5 years, Thus its returns are expected to be capped in the near term. Key highlights Supreme Court directed the center to supply gas at lower price - Ray of hope The Supreme Court directed the union government to supply gas to Ahmedabad at the price it supplies to Delhi and Mumbai (as per the Administered Price Mechanism). This was ordered "to enforce the right of equality", as the court felt that the masses in Gujarat were forced to pay more in an unjust manner. The Centre has started to supply CNG to Gujarat consumers under the APM from 1st Dec'13. We believe part of the costlier RLNG (USD$ 12-14/mmbtu) will be replaced with cheap domestic gas price (USD$ 4.2/mmbtu or ~USD$8.4/mmbtu from FY15E). State energy minister, has demanded that GAIL should make Dahej as the delivery point instead of Hazira-Suvali as the delivery point. As GSPL's high pressure gas grid is not connected to the CGD network of Hazira-Suvali, it is mostly impossible to receive gas from there. In such a case, if GAIL fixes Dahej (gas supply pressure is around 80 to 90 bars) in Bharuch as the delivery point, the gas delivery would be easier due to pipeline network connection between Petronet LNG terminal at Dahej and GSPL. This will result in higher gas volumes for GSPL in short to medium term. As per the ministry's guidelines, GAIL will get 6.4 mmscmd of domestic gas to supply to CGDs for supplying CNG for transport and PNG for domestic sector. Adani Gas has been allocated MMSCMD for Ahmedabad and 18,000 scm for Vadodara. GSPC gas has been allocated 0.58 MMSCMD, Sabarmati Gas 0.17 MMSCMD and others. GAIL has offered PMT (Panna-Mukta-Tapti fields) gas at the price of $4.2 and $4.5/mmBtU, against the present price of imported LNG at around US $ 18.8/ mmbtu. Bumpy-ride: Bhatinda-Srinagar gas pipeline project update Bhatinda-Srinagar gas pipeline (BSGP) project has seen some major delays in commissioning the work. This project will require an investment of Rs.8.8 Bn and got the approval ~ three years back. GSPL has yet to submit the 'Intend' and sign Memorandum of Understanding (MoU) to pave way for land acquisition. However, the survey for laying the pipeline, simultaneously from Srinagar and Bhatinda, has already been done. In our previous updates, we have clearly highlighted that we expect delays in these projects and as these projects have long gestation period (along with uncertainty) so on a conservative basis we have not considered the same in valuations. Brief background BSGP project has been proposed to make possible round-the-clock LPG supply to Kashmir which faces frequent shortage of cooking gas in winters due to closure of Srinagar-Jammu highway. Once the project is completed, several districts namely Kathua, Jammu, Samba, Udhampur, Ramban, Islamabad (Anantnag) and Srinagar would get connected through the pipeline in the first phase. LNG re-gasification infrastructure will ensure gas supply in India The growth of the GSPL is tied in with the way India's gas supplies develop. We believe in the short-run the growth will be fueled by imported RLNG and in the longer-run it will be supported by both RLNG and domestic gas. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3
3 We have evaluated the potential LNG supply in India over the next few years FY13- FY20E. Based on this, we believe RLNG can provide India a solution to its rising gas demand and falling domestic gas production. We forecast a huge amount of new LNG liquefaction capacity to be added over the next few years. In the near term, we expect incremental RLNG supply from Kochi terminal. The following are the re-gasification terminals that are planned in the near future in India: India's RLNG capacity to boost significantly over medium to long term Existing and proposed LNG import capacity in India (mtpa) Existing Petronet-Dahej 10 Operational Shell-Hazira 5 Operational Capacity Expected Capex (mtpa) completion Rs. Bn Comments RGPPL-Dabhol 5 Operational Low utilization until breakwater facility is ready by Petronet-Kochi 5 Operational 45 Low utilization given delays in pipeline connectivity Total 25 Expansion/new projects GAIL, APGIC, GDF Suez (FSRU) 4 CY MoU signed between Kakinada Sea Ports Limited and APGDC Shell-Kakinada (FSRU) 5 CY Draft environmental impact assessment report submitted Petronet-Dahej 5 2HCY16 37 Second jetty to add 2 mtpa of capacity by May 2014 GSPC, Adani-Mundra 5 CY Consortium looking for a third partner Petronet-Gangavaram 5 CY Pre-project activities completed; short-listing of EPC contractors started Shell-Hazira 5 CY2017 Proposed expansion of existing terminal IOCL-Ennore 5 CY Leasing of land of Ennore Port Ltd. approved by Union Cabinet IOCL-Dhamra 5 CY MoU signed between IOC and Dhamra port company ONGC-Mangalore 5 CY MoU signed between ONGC and Mitsui to conduct feasibility studies HPCL, Shapoorji Pallonji-Chhara 5 54 Detailed feasibility study for technical and commercial viability underway GSPC, Swan Energy-Pipavav 5 FEED underway for an FSRU GSPL-Sikka 5 DFR contract awarded to Technip Total 59 Source: Company, Indian Petro. As on November 2013 Indian companies have signed several long-term contracts over the past two years Long-term LNG supply contracted by Indian companies (mn tons) Supply Period Price Date Company (mtpa) (years) linkage Comments GSPC Mar-13 BG Group Expected to start from 2015 PLNG Apr-13 United LNG 4 20 Henry Hub Signed preliminary agreement; binding contract by end-cy2013 May-09 Exxon Mobil Crude oil Supply from Gorgon LNG terminal beginning 2015 Jul-99 RasGas JCC crude Supply started from 2004 Total 12.9 GAIL Apr-13 Dominion Henry Hub Contracted liquefaction capacity from 2017 onwards Oct-12 Gazprom Crude oil Expected to start from Dec-11 Cheniere Henry Hub Supply from Sabine Pass terminal beginning 2017 Total 8.3 Source: Company, Industry data Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 4
4 GAIL has so far locked in ~8 mtpa of long-term gas contracts that will land in India from In the short to medium term, we expect the domestic gas demand will be met mostly from imported RLNG. Currently, India imports more than a quarter of its natural gas requirements. As per projection, India will have ~ 59 MMTPA RLNG capacities by FY18 from its current level of 25 MMTPA capacities. Three cross-country gas pipelines In H1FY14, GSPL has received the crucial environmental nod from the government for three natural gas pipeline projects. GSPL, with its partners, is planning to invest ~Rs.125 Bn in FY13-FY15 to lay three cross-country gas transmission pipelines (~3995 Kms i.e Rs.38.2 Mn / Kms). These pipelines will travel through Andhra Pradesh, Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, Haryana, the National Capital Region, Punjab and Jammu and Kashmir. Petroleum and Natural Gas Regulatory Board (PNGRB) has granted authorization for setting up the pipeline, which will be laid from Mallavaram in Andhra Pradesh to Bhilwara in Rajasthan (1,611 km), Mehsana in Gujarat to Bhatinda in Punjab (1,688 km) and Bhatinda to Jammu (512 km). It will have capacity to carry ~ 95 MMSCMD of gas. The laying of three major gas pipelines will facilitate the development of networks leading to National Gas Grid. Initially, the Gujarat-to-Jammu & Kashmir pipeline is expected to carry 20 mmscmd of gas which would be gradually increased to 40 mmscmd. The consortium comprises of GSPL (52%), IOCL (26%), BPCL and HPCL (11% each). Key assumptions behind the earnings model of GSPL Gas transmission volumes: On a conservative basis, we have modeled gradual increase in gas transmission volumes of mmscmd in FY14E, mmscmd in FY15E and mmsmcd in FY16E. However, we expect a major decline in gas volumes in FY18E with the commissioning of RIL's petcoke gasification project, which will substitute the requirement of re-gasified LNG, currently used in its refineries. In the last few quarters, the gas sales volumes of the entire industry has fallen due to lower domestic gas supply and higher price of imported LNG. The same can be seen in the below mentioned chart. However, we believe the trend will reverse in the medium to long term. Gas transmission volume for the industry is falling Source: Company Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 5
5 In Q2FY14, GSPL's gas transmission volume was down by 4.5% QoQ and by 26.0% YoY due to decline in RIL's KG gas production and lower acceptability of costlier RLNG by customers. In Q2FY14, RLNG prices were higher on account of both higher spot prices and weak currency. However, in Q3FY14 the currency has appreciated significantly we believe this will lower RLNG prices and will increase the RLNG acceptability. In the medium term, a favourable LNG price scenario (on back of new import facilities and opening up of LNG markets) will aid volume growth. Additionally we expect the cross country pipeline project helping the company in the long term (4-5 years) to significantly expand the business beyond Gujarat. Gas transportation tariffs: On a conservative basis, we have modeled gas transmission tariff of Rs /Scm in FY14E, Rs.1.144/Scm in FY15E and Rs /scm in FY16E. The expected higher tariffs in FY2014 reflect benefit from use-or-pay contracts. In Q2FY14, the implied tariff has fallen by 3.2% QoQ to Rs. 1.37/ MSCM. Key triggers for stocks: 1). Clarity about tariff 2). Commissioning of the gas transmission pipeline and 3). Ramp-up in gas supply We recommend ACCUMULATE on Gujarat State Petronet with a price target of Rs.69 Valuation & Recommendation We expect GSPL to transport ~22 MMSCMD of natural gas in FY14E and MMSCMD in FY15E. We expect GSPL to report an EPS of Rs.9.0 and cash EPS of Rs.12.5 for FY14E and similarly an EPS of Rs.7.55 and cash EPS of Rs.11.1 for FY15E. We recommend ACCUMULATE on GSPL with a revised target price of Rs. 69/Share (Rs.62 earlier), given inexpensive valuations at 8.2x PE based on FY2015E earnings. GSPL has invested Rs. 3.5 Bn in Gujarat Distribution Network Ltd (GDNL) for a 40% stake (GDNL holds 74% stake in Gujarat Gas). GSPL also holds 29% stake in GSPC Gas, which holds 60% stake in GDNL, thus effectively taking GSPL's stake in Gujarat Gas to 42.5%.We have not taken the valuation of the CGD business into consideration while valuing GSPL. FIIs holding has increased in the last few quarter (%) Source: BSE Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6
GUJARAT STATE PETRONET LTD (GSPL)
COMPANY UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 GUJARAT STATE PETRONET LTD (GSPL) PRICE: RS.113 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.124 FY16E P/E: 10.7X Softening of RLNG
More informationLNG Infrastructure & Development. K.K. Sinha Director Essar Ports Ltd.
LNG Infrastructure & Development K.K. Sinha Director Essar s Ltd. Gas in Global Energy Basket (2016) Million tonnes oil Equ. Gas Consumption (Domestic v/s Trade) Trade Distribution (Pipeline V/s LNG) 592,
More informationIndia: LNG Sector Overview
India: LNG Sector Overview Seminar LNG Opportunities in India Norwegian Offerings Mumbai, 9 th February 2018 Agenda LNG Consumption, Demand Forecast LNG / Gas Infrastructure Key Issues 2 LNG Demand Forecast
More informationNatural Gas April- October 2018 update
Natural Gas April- October 2018 update Contact: Madan Sabnavis Chief Economist madan.sabnavis@careratings.com 91-022- 6754 3489 Urvisha H Jagasheth Research Analyst urvisha.jagasheth@careratings.com 91-22-6754
More informationPETRONET LNG LIMITED, INDIA Current Activities : Agenda No. 5
PETRONET LNG LIMITED, INDIA Current Activities : Agenda No. 5 44 th MEETING OF GENERAL ASSEMBLY OF THE INTERNATIONAL GROUP OF LIQUEFIED NATURAL IMPORTERS(GIIGNL) VENICE, ITLAY 5-8 October, 2014 OVERVIEW
More informationCITY GAS DISTRIBUTION IN INDIA 2014 OIL AND GAS PIPELINES IN INDIA 2014
FOUR NEW REPORTS LNG IN INDIA 2014 CITY GAS DISTRIBUTION IN INDIA 2014 OIL AND GAS PIPELINES IN INDIA 2014 E&P IN OIL AND GAS 2014 Each report package will have three elements: Research Report (PDF) Presentation
More informationLNG Business In India
LNG Business In India 2016 Topics Gas Demand / Supply Balance in India. Sector wise demand & sensitivity to price. Pricing of LNG ( Henry Hub, NBP, Long term ) Pipeline Infrastructure. Regasification Terminal
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 178.10 Target Price 205.00 PETRONET LNG LIMITED Result Update(PARENT BASIS): Q1 FY15 OCTOBER 15 th 2014 ISIN: INE347G01014 Index Details Stock Data Sector Oil & Gas BSE Code 532522 Face Value 10.00
More informationPetronet LNG Limited (PETLNG)
Initiating Coverage Rating Matrix Rating : Strong Buy Target : Rs 88 Target Period : 12 months Potential Upside : 24% YoY Growth (%) FY9 FY1E FY11E FY12E FY13E Revenues 28.6 28.9 29.1 33.8 36.3 EBITDA
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 200.85 Target Price 225.00 PETRONET LNG LIMITED Result Update (PARENT BASIS): Q2 FY15 DECEMBER 20 th 2014 ISIN: INE347G01014 Index Details Stock Data Sector Oil & Gas BSE Code 532522 Face Value
More informationCORPORATE PROFILE. PETRONET LNG LIMITED October, 2015
CORPORATE PROFILE PETRONET LNG LIMITED October, 2015 DISCLAIMER Any information contained in this presentation should not be taken as being a representation about facts and projection or promise of performance,
More informationCORPORATE PROFILE PETRONET LNG LIMITED MAY,
CORPORATE PROFILE PETRONET LNG LIMITED MAY, 2013 OVERVIEW Global & India s Primary Energy Consumption Scenario India s Gas Scenario, Infrastructure Role of LNG in India About Petronet s Dahej & Kochi Terminals
More informationCORPORATE PROFILE. PETRONET LNG LIMITED, June, 2018
CORPORATE PROFILE PETRONET LNG LIMITED, June, 2018 DISCLAIMER Any information contained in this presentation should not be taken as being a representation about facts and projection or promise of performance,
More informationGAIL GGSPL FACT SHEET 2013 GAIL GLOBAL SINGAPORE PTE. LTD. A wholly owned subsidiary of GAIL (India) Limited. Efficient LNG ing
GAIL GGSPL FACT SHEET 2013 GAIL GLOBAL SINGAPORE PTE. LTD. A wholly owned subsidiary of GAIL (India) Limited Efficient LNG ing Who we are Incorporated in 2004, GGSPL is a wholly owned subsidiary of GAIL
More informationCORPORATE PROFILE. PETRONET LNG LIMITED March, 2012
CORPORATE PROFILE PETRONET LNG LIMITED March, 2012 OVERVIEW Global & India s Primary Energy Consumption Scenario India s Gas Scenario, Infrastructure Role of LNG in India About Petronet s Dahej & Kochi
More informationCORPORATE PROFILE PETRONET LNG LIMITED
CORPORATE PROFILE PETRONET LNG LIMITED May, 2014 OVERVIEW Global & India s Primary Energy Consumption Scenario India s Gas Scenario, Infrastructure Role of LNG in India About Petronet s Dahej & Kochi Terminals
More informationPetronet LNG. Concerns priced in; offers decent upside. Source: Company Data; PL Research
Concerns priced in; offers decent upside July 04, 2012 Deepak Pareek deepakpareek@plindia.com +91-22-66322241 Dhrushil Jhaveri dhrushiljhaveri@plindia.com +91-22-66322232 Rating BUY Price Rs149 Target
More informationInvestors Presentation
GAIL (India) Ltd. India s Youngest Maharatna Investors Presentation April 21-28, 2018 Abu Dhabi London New York Boston San Francisco 1 Safe Harbor Statement This presentation has been prepared by GAIL
More informationCity Gas Distribution Market in India 2017
Now Available City Gas Distribution Market in India 2017 Segment Analysis, Outlook and Opportunities Report (PDF) Data-set (Excel) India Infrastructure Research City Gas Distribution Market in India 2017
More informationContent. PwC. PwC. Impact of Natural Gas on Liquid Fuel Consumption and downstream Petroleum Sector. September 1, 2010
Impact of Natural Gas on Liquid Fuel Consumption and downstream Petroleum Sector September 1, 2010 PwC Content 1. Background 2. Liquid Fuels displacement by gas 3. Region wise displacement 4. Domestic
More informationInvestors & Analysts Meet May 23, 2017, Mumbai
GAIL (India) Ltd. India s Youngest Maharatna Investors & Analysts Meet May 23, 2017, Mumbai 1 Safe Harbor Statement This presentation has been prepared by GAIL (India) Ltd (Company or GAIL) solely for
More informationInitiating Coverage: ACCUMULATE HINDUSTAN PETROLEUM CORPORATION LTD
GMR s throughput to be boost by 65% because of refinery upgrades. The company is focused on increasing margins, the earning visibility is high, & the valuations of the company are attractive. Key Takeaways
More informationHearty Welcome. Corporate Presentation of. GAIL [India] Ltd
Hearty Welcome To Corporate Presentation of GAIL [India] Ltd 1 PRESENTATION OUTLINE GAIL AN INTEGRATED GAS COMPANY FINANCIAL PERFORMANCE AWARDS & ACCOLADES IN 2006 07 GAIL S BUSINESS INITIATIVES AREAS
More informationPlatforms, Pipelines and Plants: Energy Infrastructure in India
Presentation to Association of International Petroleum Negotiators Reference Presentation for Circulation Platforms, Pipelines and Plants: Energy Infrastructure in India Mr. Rajiv Luthra Managing Partner
More informationGas in India Now Available. Sector Overview and Outlook: E&P, LNG, Pipelines and CGD. India Infrastructure Research.
Now Available Gas in India 2017 Sector Overview and Outlook: E&P, LNG, Pipelines and CGD Report (PDF) Data-set (Excel) India Infrastructure Research Gas in India 2017 Table of Contents 1. Executive Summary
More informationPartner energetic growth with India's natural gas leader
Partner energetic growth with India's natural gas leader With a turnover of US $ 8.9 billion approx. (INR 56,742 crore) GAIL (India) Limited is India's largest natural gas company and ranked among the
More informationCity Gas Distribution Projects
City Gas Distribution Projects 8 th Petro India Nitin Zamre Director - Consulting 25 th November 2009 Has the City Gas Space Changed (significantly!) over the previous year(s)? 2. Overview Gas Supplies
More informationOil and Gas Sector Profile
Oil and Gas Sector Profile 1 Gujarat : An Enduring Strong Economy Population : Over 50 million (5.0% of India) Geographical area : 1,96,000 sq. km (6.2% of India) Gross State Domestic Product (GSDP) :
More informationSwelect Energy SystemsLtd.
May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15. Volume No.. I Issue No. 16 Swelect Energy SystemsLtd. May 14 th, 2015 BSE Code: 532051 NSE Code: SWELECTES Reuters
More informationChemicals and Petrochemicals Sector Profile
Chemicals and Petrochemicals Sector Profile Indian Chemicals and Petrochemicals Industry: Quick Facts US$ 92 Bn Turnover of the industry in India 6 th 6 th largest in the world by turnover 2.2% Share in
More informationPolicy & Economic Report - Oil & Gas Market
January 2018 Policy & Economic Report - Oil & Gas Market Federation of Indian Petroleum Industry (FIPI) 3rd Floor, PHD House, 4/2, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016 Table
More informationLONG TERM FUEL SECURITY FOR GAS BASED POWER GENERATION
LONG TERM FUEL SECURITY FOR GAS BASED POWER GENERATION NTPC Limited Corporate Gas Sourcing S.D.Prasad, AGM (GS) K.K.Hota, AGM (GS) Pankaj Mittal, Manager (GS) IPS 2013 Global Energy Demand World Energy
More informationCHALLENGES FOR NATURAL GAS IN DEVELOPING ECONOMIES INDIAN SCENARIO
CHALLENGES FOR NATURAL GAS IN DEVELOPING ECONOMIES INDIAN SCENARIO 1. INTRODUCTION 2) Chandan Dasgupta, Petronet LNG Limited 1) Sharma Suresh Chandra, Petronet LNG Limited Indian Energy basket is dominated
More informationAegis Logistics Limited. August 2015
Aegis Logistics Limited August 2015 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics Limited (the Company ), have been prepared
More informationMedia Release Adani Transmission Ltd s Consolidated PAT rose to Rs.842 Cr. in Q3 FY18 compared to Rs.67 Cr in Q2FY18. EDITOR S SYNOPSIS Consistent ope
Media Release Adani Transmission Ltd s Consolidated PAT rose to Rs.842 Cr. in Q3 FY18 compared to Rs.67 Cr in Q2FY18. EDITOR S SYNOPSIS Consistent operational Network availability ranging from 99.82% to
More informationGas Price Benchmarking in India Factoring sourcing and development options for LNG,CBM and Shale Gas
Gas Price Benchmarking in India Factoring sourcing and development options for LNG,CBM and Shale Gas June 2014 Copyright 2013, All rights reserved 2007 2008 2009 2010 2011 2012 USD/MMBTU Gas Price Benchmarking
More informationNTPC Ltd. 1 P a g e. Stock Details
4 Recommendation SUBSCRIBE SUBSCRIBE FROM A LONG TERM VIEW CMP Rs. 152.3 Target Price Sector Stock Details N/A Electric Utilities BSE Code 532555 NSE Code Bloomberg Code NTPC NTPC IN Market Cap (Rs crs)
More informationFORTUNE INTERFINANCE LTD (FIFL)
FORTUNE INTERFINANCE LTD (FIFL) Company:. Dream Big Think Fortune Face Value (`): 10 Book Value (`): 9.78 (2009#) Target (`): 55 Return: 15% Time Horizon: 6 Months Market Cap (`): 20,113 mn* Market Cap
More informationInvestors & Analysts Meet
GAIL (India) Ltd. India s Youngest Maharatna Investors & Analysts Meet May 25, 2018, Mumbai 1 Safe Harbor Statement This presentation has been prepared by GAIL (India) Ltd (Company or GAIL) solely for
More informationCINDA Significant Track Records
CTCI PowerPoint Master Deck Hydrocarbon Client Project Location 5 Manesar 1 7 Panipat Greater Noida ISRL SBR Project Panipat, Haryana Petronet LNG Adani RFCL Petronet LNG Kochi 5 MMTA LNG Terminal Project
More informationImpact of Gas on Refining and Marketing
Petroleum Federation of India Impact of Gas on Refining and Marketing September 2011 A Study by PetroFed in association with Member Company and Knowledge Partner Contents 1. Foreword 3 2. Executive Summary
More informationOIL & GAS. September 2009
OIL & GAS September 2009 OIL & GAS September 2009 The focus of this presentation is to discuss Profile of Indian oil and gas sector Policies and regulations Opportunities in the Indian oil and gas sector
More informationPetroleum Planning & Analysis Cell
Petroleum Planning & Analysis Cell Monthly Report on Natural gas production, availability and consumption - July 2017 1. Highlights of the report for the month of July 2017 are as follows: Gross production
More informationCheniere Energy Partners, L.P. / Cheniere Energy, Inc. Proposed Sabine Pass LNG Facility Expansion Adding Liquefaction Capabilities.
Cheniere Energy Partners, L.P. / Cheniere Energy, Inc. Proposed Sabine Pass LNG Facility Expansion Adding Liquefaction Capabilities June 4, 2010 Forward Looking Statements This presentation contains certain
More information17 May Shale Gas Cost And Technology Perspective. Kolkata
17 May 2013 Shale Gas Cost And Technology Perspective Kolkata Supply / Demand Dynamics For Indian Gas AN ATTRACTIVE MARKET FOR YEARS TO COME Current gas supply by source Existing PVT / JV, 37% Existing
More informationMedia Release Adani Enterprises consolidated revenue Rs 16,513 cr in H1FY17 Consolidated EBIDTA Rs 1,387 cr in H1FY17 EDITOR S SYNOPSIS Operational Highlights of H1FY17: Coal Mining volume grew by 48%
More informationCritical Analysis of forthcoming City Gas Distribution Projects under PNGRB bidding and its impact on RLNG sector in India: Phase I
IMaCS Research & Analytics Critical Analysis of forthcoming City Gas Distribution Projects under PNGRB bidding ICRA Management Consulting Services Limited Critical Analysis of forthcoming City Gas Distribution
More information1.0 CONSUMPTION : The growth (%) in consumption of petroleum products, category-wise, for the month of April, 2015 is given in Table-1.
1 P a g e This report analyses the trend of consumption of petroleum products in the country during the month of April, 2015.Data on product-wise monthly consumption of petroleum products for April, 2015
More informationIndia Sector Overview. Advancing Project Development in India through Public Private Partnerships
India Sector Overview Advancing Project Development in India through Public Private Partnerships 22 23 February, 2007 India Sector Overview: Agenda Indian Oil and Gas Methane Emissions from the Oil and
More informationRelative Environment Economics Of Natural Gas and Other Fossil Fuels for Power Generation and Policy Options for India
Relative Environment Economics Of Natural Gas and Other Fossil Fuels for Power Generation and Policy Options for India A Petroleum Federation Of India Study The Energy and Resources Institute (Knowledge
More informationExtended Annual Review Report
Extended Annual Review Report Project Number: 39921 Loan Number: 7245- LN2256 November 2012 Loan Petronet LNG Limited Dahej Liquefied Natural Gas Terminal Expansion Project (India) In accordance with ADB
More informationAdani Ports and Special Economic Zone Limited. Operational & Financial Highlights Q1 FY18
Adani Ports and Special Economic Zone Limited Operational & Financial Highlights Q1 FY18 1 Contents + + + + Company Profile Operational Highlights Financial Highlights Business Strategy Guidance + CSR
More informationIndian Gas Scenario: Emerging Business Opportunities and Environmental Concerns
22 nd World Gas Conference Tokyo 2003 KEYNOTE ADDRESS (KA I-7) Indian Gas Scenario: Emerging Business Opportunities and Environmental Concerns Mr. Proshanto Banerjee Chairman and Managing Director, Gas
More informationTapping growth potential in the Indian hydrocarbon value chain
Tapping growth potential in the Indian hydrocarbon value chain 2 1 Pg.6 Energy demand scenario in India: an overview Pg.1 India s midstream oil and gas sector 2 Pg.8 India s upstream oil and gas sector
More informationCapabilities in LNG
16-04-25 Capabilities in LNG www.bmtindia.org LNG About us BMT Consultants India is a part of the UK based BMT Group, an international design, engineering and risk management consultancy working in the
More informationPENNAR ENGINEERED BUILDING SYSTEMS LIMITED BSE: Sector: Engineering Building Products
4 th Nov 2016 PENNAR ENGINEERED BUILDING SYSTEMS LIMITED BSE: 532374 Sector: Engineering Building Products View - BUY CMP : Rs. 171 Target Price: Rs. 240 (In next 12 mths) BUSINESS BACKGROUND PEBSL, is
More informationSanjay Kumar Strategic Sourcing Director Solid fuels India 13 th Sep 2017
How will the increased number of refineries change the pet coke market in India? Sanjay Kumar Strategic Sourcing Director Solid fuels India 13 th Sep 2017 Index LafargeHolcim Current international market
More informationGateway Distriparks Ltd
4 Recommendation BUY Gateway to growth! CMP Rs.140 Target Price Rs. 178 Sector Stock Details Logistics BSE Code 532662 NSE Code Bloomberg Code GDL GDPLIN Market Cap (Rs cr) 1485 Free Float (%) 59.60 52-
More informationUrja Global Ltd. BSE Scrip Code:
Urja Global Ltd. BSE Scrip Code: 526987 Comm. Trading/Distribution September 21, 2012 Equity Statistics Current Market Price Rs. 50.1 52 Week High / Low Rs. 61/16.5 Market Capitalisation Rs. crores 208.7
More informationA STRONG TURNAROUND UNDER WAY
A STRONG TURNAROUND UNDER WAY FTWZs ICD Rail Infrastructure Warehouse Supply Chain Management Abbreviations FTWZ - Free Trade & Warehousing Zone ICD - Inland Container Depot PFT - Private Freight Terminal
More informationGAIL (INDIA) LIMITED
GAIL (INDIA) LIMITED EXPRESSION OF INTEREST (EOI) BY SETTING UP A CHLOR ALKALI PLANT EOI DOCUMENT NO.: GAIL/ND/BD/APPC/Chlorine EOI/2017 EOI ISSUANCE DATE: 12 th OCTOBER 2017 LAST DATE FOR SUBMISSION OF
More informationSUPPORT EXISTING FOR AND
Indian Biomass Power sector 1 FINANCIAL FRAMEWORK TO SUPPORT EXISTING FOR AND NEW BIOMASS POWER PLANTS MNRE Workshop on Biomass Sector - 9 th June 2014 Indian Biomass Power Association Why Biomass Power?
More informationLiquefied Natural Gas (LNG) Sector Overview March 2017
Liquefied Natural Gas (LNG) Sector Overview March 2017 Global Industry LNG Industry Life Cycle Industry Dynamics Trade Regional Mix Exporting & Importing Countries Pricing Local Industry Dynamics Production
More informationWeekender March 30 th, 2012
Weekender March 30 th, 2012 Index Closing Chg Chg(%) Sensex 17404.2 42.46 0.2% Nifty 5295.55 17.35 0.3% Auto 10134.88 136.26 1.4% Bankex 11751.18-109.24-0.9% Cap Goods 10027.92-83.83-0.8% Cons Durables
More informationPerspective Plan 2030
To be global leader in integrated energy business through sustainable growth, knowledge excellence and exemplary governance practices. Perspective Plan 2030 Mumbai 20 th July 2013 Perspective Plan 2030.
More informationLiquefied Natural Gas (LNG) Sector Overview June 2018
Liquefied Natural Gas (LNG) Sector Overview June 2018 Global Industry Life Cycle Changes in Gas Markets Global Demand & Supply Dynamics Global Trade Regional Mix Global State of the Industry Trade Countries
More informationAegis Logistics Limited. May 2015
Aegis Logistics Limited May 2015 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics Limited (the Company ), have been prepared solely
More informationChallenges and Opportunities
LPG Logistics and Infrastructure In India Challenges and Opportunities Pradip Kumar Jha Chief General Manager (LPG-Operations) Indian Oil Corporation Limited, India The International LP Gas Seminar 2018
More informationSynergy for energy. Developing a robust natural gas market in India
Synergy for energy Developing a robust natural gas market in India Contents India s rising primary energy consumption 3 Increasing imports of coal, despite abundant domestic reserves 5 Natural gas: a preferred
More informationOIL & GAS For updated information, please visit June 2018
OIL & GAS June 2018 Table of Content Executive Summary...3 Advantage India......4 Market Overview and Trends....6 Notable Trends and Strategies.......22 Growth Drivers....... 26 Opportunities......33 Useful
More informationPetroleum Planning & Analysis Cell
Petroleum Planning & Analysis Cell Monthly Report on Natural gas production, availability and consumption - May, 2017 1. Highlights of the report for the month of May, 2017 are as follows: Gross production
More informationFinancial Report for 1 st Half of FY (April 2016 September 2016)
Financial Report for 1 st Half of FY2017.3 (April 2016 September 2016) October 2016 Osaka Gas Co., Ltd. 1 I. Business Results for 1 st Half of FY2017.3 and Forecasts for FY2017.3 Management information
More informationAegis Logistics Limited
Aegis Logistics Limited Positioned for growth Investor Presentation November 2018 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics
More informationSession 2: Gas demand growth beyond power generation
Session 2: Gas demand growth beyond power generation IEF-IGU Gas Ministerial 22 nd November 218 Key messages: Gas demand growth beyond power generation Key messages Session objectives Recent global gas
More informationASIAN OFFSHORE ENERGY CONFERENCE DISPUTES IN LNG CONTRACTS
ASIAN OFFSHORE ENERGY CONFERENCE 28 SEPTEMBER 2017 DISPUTES IN LNG CONTRACTS Bob Broxson BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company
More informationOIL & GAS. April 2010
OIL & GAS April 2010 1 OIL & GAS April 2010 Contents Advantage India Market overview Industry Infrastructure Investments Policy and regulatory framework Opportunities Industry associations 2 ADVANTAGE
More informationIt is an honour and privilege for me to address all of you for the first time after. assuming office as Chairman and Managing Director of HPCL.
HINDUSTAN PETROLEUM CORPORATION LTD. C&MD Speech at 62 nd AGM, September 5, 2014 Good morning, Ladies and Gentlemen. It is an honour and privilege for me to address all of you for the first time after
More informationHindalco Industries Limited. Media s Analyst Meet 04 July 2018
Hindalco Industries Limited Media s Analyst Meet 04 July 2018 Forward Looking & Cautionary Statement Certain statements in this report may be forward looking statements within the meaning of applicable
More informationLNG Usage : Inland Waterways & Coastal Shipping in India. Dr Ranjit Rath Corporate Strategy & BD Engineers India Ltd.
LNG Usage : Inland Waterways & Coastal Shipping in India Dr Ranjit Rath Corporate Strategy & BD Engineers India Ltd. r.rath@eil.co.in February 2017 Welcome Welcome Setting the Context SAGARMALA Inland
More informationNew urea policy 2015: Positive for urea industry
New urea policy 2015: Positive for urea industry The Government of India (GoI) notified the New Urea Policy 2015 (NUP) on May 25, 2015 post Ratings approval by Cabinet Committee on Economic Affairs (CCEA)
More informationInsecticides India Ltd(IIL) -Inlicensing initiativesto drive growth
Insecticides India Ltd(IIL) -Inlicensing initiativesto drive growth Content Index Insecticides India Limited Investment Snapshot :- Slide #3 Agrochemical Industry An Overview:- Slide #5 Investment Arguments
More informationAegis Logistics Limited
Aegis Logistics Limited Positioned for growth Investor Presentation March 2016 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics
More informationUrea sector needs pooling of many reforms apart from gas pooling. Ratings. May 29, Impact on urea manufacturing companies
May 29, 2015 Ratings Urea sector needs pooling of many reforms apart from gas pooling The Cabinet Committee on Economic Affairs (CCEA) approved a major policy initiative to supply gas at uniform price
More informationThe Foundation of Infrastructure
Adani Ports and Special Economic Zone Ltd. The Foundation of Infrastructure Steel and Project Cargo APSEZ has accrued advantages of a deep draft seaport, logistical connectivity and aligned infrastructure,
More informationGAIL India Limited 1QFY 19 Earnings Conference Call
GAIL India Limited 1QFY 19 Earnings Conference Call Friday, 10 th August 2018 GAIL India Limited 1QFY 19 Earnings Conference Call Conference Code: 3546627 Company: Merrill Lynch (Asia Pacific Limited)
More informationINDUSTRY SALES REVIEW. December 2015
INDUSTRY SALES REVIEW December 2015 1 P a g e This report analyses the trend of consumption of petroleum products in the country during the month of December, 2015. Data on product-wise monthly consumption
More informationOverview. Fully Integrated Coal Bed Methane ( CBM ) Producer. Pioneer of CBM in India
Overview Fully Integrated Coal Bed Methane ( CBM ) Producer Pioneer of CBM in India First company to commercially produce CBM natural gas in India (first CBM contract signed 2001) Listed on the London
More informationBoosting Natural Potential
Adani Ports and Special Economic Zone Ltd. Boosting Natural Potential Fertilizer Cargo APSEZ has accrued advantages of a deep draft seaport, logistical connectivity and aligned infrastructure, thereby
More informationHydro & Small Hydro Outlook in India 2017
Hydro & Small Hydro Outlook in India 217 Evaluating Business Case & Future Scenario of Large & Small Hydro Power Plants in India Report Summary enincon consulting llp, 217, New Delhi, India Enincon s Key
More informationBrief Report on Jagdishpur- Haldia & Bokaro- Dhamra Pipeline (JHBDPL Phase-II) Project
Brief Report on Jagdishpur- Haldia & Bokaro- Dhamra Pipeline (JHBDPL Phase-II) Project Page 1 of 8 1.0 Introduction: GAIL (India) Limited 1.1 MoP&NG granted authorization to GAIL (India) Ltd in July 2007
More informationCastor. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Castor Castor (Ricinus communis L.) is a non edible oilseed, belonging to the Euphorbiaceae family. India is the world leader in castor production and dominates the international castor oil trade. The
More informationpower ethanol Sugar Shree Renuka Sugars Ltd Audited Results for Quarter ended 30 th Jun 2014 Earnings Presentation
Sugar ethanol power Shree Renuka Sugars Ltd Audited Results for Quarter ended 30 th Jun 2014 Earnings Presentation 18 th Aug 2014 1 Important Notice Forward Looking Statements This presentation contains
More informationSarda Energy & Minerals Ltd Management Meet Note 13th January 2010
Not Rated Price (INR) 297 Target (INR) NA Return (%) NA Beta (Sensex) 1.79 Market Data Mar Cap (INR Mn) 9,815 Enterprise Value (INR Mn) 15,967 Total Shares (Mn) 34 Avg Qtr Dly Vol (000's) 329 Shareholding
More informationVolume No. X Issue No February, 2019 FINANCIALS
For private circulation only Volume No. X Issue No. 08 1 February, 2019 Bajaj Consumer Care Becoming more Consumer Centric Rs 351 BSE Sensex: 36,469 Nifty-50: 10,894 FINANCIALS NET SALES OPM(%) OP OTHER
More informationIrrigation Market in India
Now Available Irrigation Market in India Programmes and Projects: Opportunities for Construction and Equipment Report (PDF) Data-set (Excel) India Infrastructure Research Irrigation Market in India Table
More informationAn Overview of U.S. Liquefied Natural Gas Exports
Executive Brief An Overview of U.S. Liquefied Natural Gas Exports Executive Summary The world is competing for the tremendous advantage offered by affordable U.S. natural gas. Relative to globally expensive
More informationInvestor Presentation. February 2018 USA
Investor Presentation February 2018 USA 1 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Aegis Logistics Limited (the Company ), have been prepared
More informationS E A S O N A L COMMODITY INSIGHT
S E A S O N A L COMMODITY INSIGHT 12 th January 2015 Wheat Domestic Scenario India is the second largest producer of wheat in the world after China, contributing to about 13.66 per cent of the world s
More informationQ2 FY14 November 12, 2013
INVESTOR PRESENTATION Q2 FY14 November 12, 2013 HIGHLIGHTS AND FINANCIAL PERFORMANCE 2 Global Economy: Signs of recovery USA Debt crisis postponed, economic data moderately positive Europe Emerging out
More informationThe Great Eastern Shipping Co. Ltd. Business & Financial Review April 2010
The Great Eastern Shipping Co. Ltd. Business & Financial Review April 2010 1 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More information