PGAS – Force majeure declared on LNG contract with Singapore

PGAS – Force majeure declared on LNG contract with Singapore Perusahaan Gas Negara (PGAS), or PGN, has declared a force majeure event concerning its master liquefied natural gas (LNG) sale and purchase agreement and confirmation notice (CN) with Gunvor Singapore Ltd, occurring on November 3, 2023. Under this agreement, PGN serves as the seller, and Gunvor as the buyer. PGN expects this force majeure condition to persist for several months into 2024. As of now, there have been no significant impacts on PGN's operational, legal, or financial conditions due to this event. In 9M23, PGN reported revenues of USD2.69 bn (approximately IDR42.02 tn), showing a 1.85% yoy increase. While gross profit decreased from USD607.01 mn to USD523.04 mn, the company maintains its positive performance in the midst of the current global situation, thanks to sustained domestic natural gas consumption in Indonesia. (Source: Investor Daily)