- OEE & Reliability >99%
- 100% fulfilment to customer demand despite higher volatility of feed gas supply and quality
- Improvement in our Energy Index from 93.5 to 91.9
- Achieved highest value creation of additional RM114.4 million through the execution of KRAs under the Gas Processing and Utilities Playbook, which identifies and monitors key targets for sustained value creation until 2030 in alignment with our G5dot5 Strategic Agenda
PETRONAS GAS BERHAD Integrated Report 2024
CATALYSING GROWTH SHAPING TOMORROW
PGB’s commitment to driving sustainable energy transformation for a progressive future.
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01Overview of PGB
Malaysia’s Leading Gas Infrastructure and Centralised Utilities Company and one of the largest companies on the local exchange in terms of market capitalisation, with core businesses in Gas Processing, Gas Transportation, Regasification and Utilities
HOW WE DIFFERENTIATE OURSELVES
Our Profitable and Balanced Business Portfolio
Our High-Performing People
Our Operational Excellence and Reliable Product Delivery at Competitive Cost
Our Integrated Gas Infrastructure and Utilities Facilities
STATEMENT OF PURPOSE
SHARED VALUES
CULTURAL BELIEFS
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022024 Business HIGHLIGHTS
We have advanced our sustainability agenda, internal competencies and digitalisation across our business while strategically expanding our core businesses and pursuing high-impact growth projects to secure long-term stability and relevancy in the evolving energy landscape.
Operational Excellence
- Maintained 100% Product Delivery Reliability (PDR) across salesgas, ethane, and electricity
- Achieved above world-class Overall Equipment Effectiveness (OEE) across Gas Processing, Regasification, and Utilities segments
Health, Safety, Security, and Environment (HSSE)
- Recorded ZERO Fatality, Major Fire, Major Loss of Primary Containment and Major Security Incident
- Strengthened safety measures with targeted programmes to improve HSSE outcomes
Strategic Growth
- Achieved Final Investment Decision for infrastructure projects such as construction and operation of an additional 100 MW Kimanis Power Plant in Sabah and the installation of a new compressor station at Jeram, Selangor
- Completed 42 km gas pipeline to Pulau Indah Power Plant
- Received Initial Letter of Notification for the development of 120 MW power plant in the Federal Territory of Labuan
Advancing Digital Technologies
- Leveraged Artificial Intelligence and Machine Learning to optimise fuel gas consumption and streamline operations via tools like Utilities Gebeng Utility Optimiser and Gas Transmission Optimisation 2.0
- Enhanced asset protection using advanced surveillance technology like Distributed Acoustic Sensing 2.0 for virtual security fence and advanced corrosion inspection technology such as Ultra Long-Range Acoustic Technology on unpiggable pipeline
- Enhanced safety and regulatory compliance in work execution at all PGB sites through Electronic Permit to Work+ 2.0, Integrated Process Safety Solution and Facial Recognition
Building Capabilities and Culture
- Establishment of capability development programmes to cultivate emerging skill sets for growth-related projects
- Embarked on "Grow Our Own Timber" initiative to strengthen succession planning
- 196 key employees participated in leadership development courses under the Nurturing Young Leaders Programme
- Conducted targeted sustainability and ethics training for leaders, integrating sustainability into business strategies
- Achieved a favourable score in the PETRONAS Organisational Culture Survey 2024 and sustained this level of score for three consecutive years, reflecting a highly engaged workforce
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DATUK ADIF ZULKIFLI
Chairman
LEADING STRATEGIC TRANSFORMATION IN A SHIFTING ENERGY LANDSCAPE
Dear Valued Shareholders,
Amidst a dynamic operating environment and evolving industry, PGB has demonstrated resilience and adaptability to maintain our world-class performance
and position ourselves as a frontrunner in the regional energy transition.
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ABDUL AZIZ OTHMAN
Managing Director/Chief Executive Officer
SUSTAINABLY GROWING AND EVOLVING AS WE MAINTAIN STABILITY THROUGH OPERATIONAL EXCELLENCE
Dear Valued Shareholders,
PGB’s strong performance in 2024 is a testament to our relentless focus on operational excellence, efficiency and strategic expansion. With a steadfast
commitment to sustainable growth, we are shaping the future of the energy sector with resilience and responsibility.
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SHAHRUL AZHAM SUKAIMAN
Chief Financial Officer
PRESERVING ROBUST FINANCIAL RESILIENCE IN A DYNAMIC ENERGY SECTOR
Dear Valued Shareholders,
Through our steadfast focus on cost efficiency, operational excellence, and effective risk mitigation, PGB has showcased the agility to deliver strong financial
results while aligning our business for sustainable growth in an evolving industry.
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04Our Performance
Over the past year, PGB has delivered strong results and achieved growth driven by our four core businesses – Gas Processing, Gas Transportation, Regasification, and Utilities. By optimising operations and ensuring reliable product delivery, we have maximised value creation for shareholders.
GROUP REVENUE
RM6.5
billion
PROFIT AFTER TAX
RM1.9
billion
EBITDA
RM3.4
billion
EBITDA
RM3.4
billion
DIVIDEND DECLARED
72.0
sen per share
DIVIDEND DECLARED
72.0
sen per share
TOTAL ASSETS
RM18.8
billion
MARKET CAPITALISATION
35.0
billion
05Value Creating Business Model
Our Value Creating Business Model facilitates agile decision-making, focused execution, and sustainable growth, enabling us to deliver value to both PETRONAS Group and our stakeholders.
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INPUT
F
Financial
N
Nature
M
Manufactured
I
Intellectual
H
Human Capital
SR
Social & Relationship
Core Business and Business activities
06BUSINESS REVIEW
Our business model is structured around four strategic business units that actively collaborate and integrate, ensuring optimal resource utilisation.
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GAS PROCESSING
Process PETRONAS’ upstream natural gas from offshore Peninsular Malaysia into salesgas, ethane, propane and butane
UTILITIES
Produce, market and supply electricity, steam, industrial gases and other utility products to various petrochemical businesses and third parties in Kertih and Gebeng
GAS TRANSPORTATION
Transport salesgas, ethane, propane and butane to end-customers through Peninsular Gas Utilisation pipeline network
REGASIFICATION
Receive, store in Regasification Terminals in Sungai Udang and Pengerang, and convert Liquefied Natural Gas to salesgas
07SUSTAINABILITY REVIEW
RESPONSIBLY SHAPING A SUSTAINABLE TOMORROW
Our commitment is anchored by the PGB Sustainability Blueprint, which incorporates ambitions and performance targets across four key lenses to provide a structured approach to driving impactful change.
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Positive Social Impact
Create positive alliances with the communities in which we operate by protecting and adding value to the well-being of employees, partners and society.
Responsible Governance
Safeguard the organisation’s commitment through strong governance mechanisms and ethical business practices.
Sustainable Value Creation
Drive long-term business value creation through responsible investments.
Safeguard The Environment
Collaboratively reduce environmental impact by transitioning to lower-carbon energy solutions and deploying innovative operations and technologies.
08DOWNLOADS
CATALYSING GROWTH SHAPING TOMORROW
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