Page 9 - AsianOil Week 02 2021
P. 9
AsianOil EAST ASIA AsianOil
The GTP Project is a complex energy infra- project.
structure construction scheme to build a new “This GTP Project is a complex energy pro-
terminal for LNG imports on the south-eastern ject that operates an entire LNG value chain
coast of Vietnam and a thermal power plant by combining gas introduction, terminal and
(TPP) to use LNG imported through the termi- pipeline construction and operation, and power
nal. KOGAS formed a consortium with Korea plant operation and maintenance (O&M),” a
Southern Power and Hanwha Energy for the KOGAS official said.
OCEANIA
Ampol’s Lytton refinery ends
2020 in stronger position
PERFORMANCE AUSTRALIAN refiner and oil marketer Ampol
has posted a fourth-quarter unaudited loss of
AUD4mn ($3.1mn) for its Lytton refinery, mark-
ing an improvement in the facility’s fortunes.
Ampol said on January 14 that the result
brought Lytton’s full-year earnings before interest
and tax (EBIT), as calculated using the replace-
ment cost of sales operating profit (RCOP) system,
to AUD145mn ($112.2mn). RCOP excludes the
impact of fluctuating crude and oil product prices
so as to provide a clearer picture of the company’s
underlying performance.
The refiner said that despite the loss, the result
actually exceeded analyst expectations, with
industry observers widely having projected that
the facility would post a AUD24mn ($18.6mn)
deficit for the three-month period.
The Queensland-based facility struggled for
much of last year, hit hard by the country’s strict
approach to the coronavirus (COVID-19) pan-
demic, which saw both international and state
borders closed for much the year.
The situation saw the 109,000 barrel per day adding that the Lytton refining margin (LRM)
(bpd) refinery’s losses in the first nine months was already under pressure from the Austral-
blow out to AUD141mn ($109.1mn). The poor ian dollar’s appreciation in recent months.
performance prompted Ampol to announce a Ampol said the LRM represented the differ-
strategic review of the facility, warning that it ence between the market value of importing a
might opt to shutter the facility permanently. standard basket of Lytton’s products and the
Indeed, while noting this week that the cost of crude oil imports. The LRM in the fourth
refinery’s fourth-quarter performance beat quarter was $5.13 per barrel. The company said
expectations, Ampol warned that economic its net debt at the end of December 2020, exclud-
conditions in 2021 remained “uncertain as ing lease liabilities, amounted to AUD434mn
a result of continued COVID-19 impacts ($335.8mn).
on international and domestic demand”. It Ampol said it expected to complete its review
said this uncertainty would further depress of the facility as well as its connected supply
“already soft regional refining margins”, while chains and markets in the first half of this year.
Week 02 14•January•2021 www. NEWSBASE .com P9
