Annual Report 2012

Over the years, PETRONAS Gas Berhad has experienced tremendous growth, propelled by the tenacity and determination of our people, who are our most valuable asset.

Our personnel throughout Malaysia work day and night - each bringing their own unique capability, insights and talents to the table to ensure our continuity and progress as a business.

Like the many leaves of a tree, we see each of them contributing directly to the growth and resilience of this Company - each embracing the spirit of progress in their own individual ways.

As we weather the challenges that come our way, our roots remain fi rmly planted in the foundations of our business, even as our branches continue to reach out far and wide towards infi nite opportunities. Together, we embrace our journey of progress to a better tomorrow with open arms.

2012 ANNUAL REPORT

embracingprogress

PETRONAS Gas Berhads liquefi ed natural gas (LNG) Regasifi cation Terminal is the fi rst of its kind in Malaysia, paving the way for the importation of gas to supplement the

energy consumption needs of the country.

Our Vision, Mission and Shared Values 2

Embracing Change 4

Five-Year Group Financial Highlights 6

Corporate Information 8

Our Operations 10

Our Presence 12

Organisational and Corporate Structure 14

Corporate and Management Directory 15

Board of Directors 16

Directors Profi les 18

Management Committee 24

Management Committees Profi les 26

Business Review 34

Chairmans Statement 36

CEOs Business Review 40

Performance Review 52

Financial Review 54

Statement of Value Added 60

Performance of Shares 61

Financial Calendar 61

Supporting Progress 62

Powering Progress 64

Progressive Mindset 66

PGB in the News 68

Awards and Achievements 69

Corporate Responsibility 70

CR in the Marketplace 72

CR in the Workplace 78

CR in the Environment 82

CR in the Community 84

Calendar of Events 86

Corporate Governance 90

Corporate Governance Statement 92

Nomination and Remuneration Committee Report 99

Nomination and Remuneration Committees

Terms of Reference 102

Statement on Risk Management and Internal Control 104

Board Audit Committee Report 110

Board Audit Committees Terms of Reference 113

Statement of Directors Responsibility 116

Financial Statements 117

Other Information 195

Summary of Landed Property, Plant and Equipment 196

Training Programmes Attended by Directors 203

Analysis of Shareholdings 205

Corporate Directory 209

Notice of Annual General Meeting 210

Administrative Details 212

Proxy Form

Contents

PETRONAS GAS BERHAD (101671-H) 1

2 PETRONAS GAS BERHAD (101671-H)

Our VisionA World Class Gas and Utilities CompanyOur Mission

We are a business entity

Gas is our core business

Our primary responsibility is to add value to this natural resource

Our Shared Values

Loyalty Professionalism Integrity Cohesiveness


PETRONAS Gas Berhad (PGB) has been in business for 29 years and counting. Since its incorporation on 23 May 1983 until today, PGB continues to contribute to the nations economic growth and progress.

Gas processing and gas transmission remain the core business of PGB. The process begins at its six gas processing plants located in Kertih and Paka, operated by the Companys Plant Operations Division (POD). Natural gas from the offshore fi elds of Terengganu is processed there before being piped into PGBs Peninsular Gas Utilisation (PGU) pipeline which is operated by the Transmission Operations Division (TOD). TOD is responsible for the transmission and delivery of sales gas to customers in the power, industrial and commercial sectors throughout Peninsular and East Malaysia.

In 1998, PGB expanded its business into manufacturing, supplying and marketing of industrial utility products to customers in the Kertih Integrated Petrochemical Complex and Gebeng Industrial Area through its Centralised Utility Facilities Division (CUF).

PGBs vast experience in industrial utility products is the key to unlock the door to the world of power producing. In 2009, PGBs

business landscape evolved further to include the generation of electricity with the formation of Kimanis Power Sdn Bhd, a joint venture company with Yayasan Sabah. The entity was set up to develop a 300MW gas fi red power plant in Kimanis to meet the growing demand for electricity in the state of Sabah.

With a renowned technical capability and a strong track record in gas transmission operations and project management, PGB entered into an agreement with PETRONAS Carigali Sdn Bhd for the provision of project management and execution services for the Sabah-Sarawak Gas Pipeline Project (SSGP).

Our latest venture is the foray into the liquefi ed natural gas (LNG) regasifi cation business. PGB is developing Malaysias fi rst LNG Regasifi cation Terminal (RGT) which is located in Sungai Udang, Melaka, which will allow the importation of LNG to cater for increases in gas demand.

Progress is a journey of growth. With our dedicated and reliable personnel contributing their energies towards PGBs success, we are confi dent of reaching many more important milestones in years to come.

EmbracingChangePGB Today


12 months ended 9 monthsended

12 monthsended

RM Million 31.3.2009 31.3.2010 31.3.2011 31.12.2011 31.12.2012

Revenue 3,415.1 3,221.8 3,525.0 2,765.1 3,576.8

Profi t Before Tax 1,231.4 1,243.8 1,900.3 1,433.0 1,844.5

Profi t After Tax 928.0 940.7 1,439.1 1,080.8 1,397.1

Total Assets 9,867.1 9,834.7 10,509.9 10,746.5 13,462.2

Total Equity 8,038.3 8,017.0 8,515.2 8,643.9 9,282.7

Long Term Liabilities 1,610.9 1,583.3 1,542.5 1,508.4 2,673.8

Profi t as % of Revenue

- Before Tax 36.1 38.6 53.9 51.8 51.6

- After Tax 27.2 29.2 40.8 39.1 39.1

Earnings Per Share (sen) - Basic 46.9 47.6 72.7 54.6 71.0

Net Assets Per Share (sen) 406.3 405.1 430.3 436.8 469.1

Group Financial Highlights

Five-Year


Net Assets per Share sen

20122011*201120102009

406.

3

405.

1

430.

3

436.

8

469.1

Earnings per Share Sen

20122011*201120102009

71.0

46.9

47.6

72.7

54.6

Profit as % of Revenue

20122011*201120102009

After Tax Before Tax

27.2

29.2

40.8

39.1

39.1

36.1 38

.6

53.9

51.6

51.8

Total EquityRM million

20122011*201120102009

8,03

8.3

8,01

7.0

8,51

5.2

8,64

3.9

9,282.7

Long Term LiabilitiesRM million

20122011*201120102009

1,61

0.9

1,58

3.3

1,54

2.5

1,50

8.4

2,673.8

Note:Financial year 2009, 2010 and 2011 comprise reporting period from 1 April to 31 March.

* For the nine months period ended 31 December 2011.

Revenue RM million

20122011*201120102009

3,41

5.1

3,22

1.8

3,52

5.0

2,76

5.1 3,576.8

ProfitRM million

20122011*201120102009

Profit After Tax (PAT) Profit Before Tax (PBT)

928.

0

940.

7 1,4

39.1

1,08

0.8

1,397.1

1,844.5

1,23

1.4

1,24

3.8

1,90

0.3

1,43

3.0

Total AssetsRM million

20122011*201120102009

9,86

7.1

9,83

4.7

10,5

09.9

10,7

46.5 13,4

62.2


EmbracingCapability

PGBs growth over the years has been shaped by the dedicated men and women who devoted their energies, time and ideas towards taking the Company forward. Their ability to learn, unlearn and re-learn has placed us at the leading edge of capability building in the countrys gas industry, transforming them into some of the most sought after talents not just locally, but around the world. Our focus on capabilty building will continue to colour our road to progress in years to come.

2,550 km Gas pipeline network throughout Malaysia

29 yearsExperience in gas processing and transmission

2,060 mmscfdGas processing capacity


Our Operations 10

Our Presence 12

Organisational and Corporate Structure 14

Corporate and Management Directory 15

Board of Directors 16

Directors Profi les 18

Management Committee 24

Management Committees Profi les 26

Corporate Information


Transmission Operations Division (TOD)TOD operates the PGU pipeline network by managing the supply of gas to PETRONAS customers while ensuring the reliability, safety and effi ciency of operations. The Segamat Operations Centre which houses the PETRONAS Gas Control Centre acts as a mission control for the entire PGU network.

Plant Operations Division (POD)POD operates the six gas processing plants in the state of Terengganu. The plants are divided into two complexes Gas Processing Plant A in Kertih and Gas Processing Plant B in Paka. With total combined sales gas processing capacity of over 2,000 million standard cubic feet per day, these gas processing plants process natural gas into sales gas and other by-products such as ethane, propane and butane to be transmitted to PETRONAS customers in power and non-power sectors via PGBs PGU pipeline network.

Gas Processing Gas Transmission

Our Operations


PETRONAS Gas Berhad (PGB) business portfolio is divided into fi ve major divisions Plant Operations, Transmission Operations, Centralised Utility Facilities, Technical & Facilities Development and LNG Regasifi cation.

The fi rst two are directly related, with the former responsible for processing the gas piped from PETRONAS offshore fi elds while the latter is responsible for transporting the processed gas via the Peninsular Gas Utilisation (PGU) pipeline network to PETRONAS customers. The third division, supports the gas value chain by supplying industrial utilities to the various petrochemical plants operating in Kertih, Terengganu and Gebeng, Pahang. The fourth division is a technical services outfi t for PGB, which also extends its expertise in engineering and project management to other entities within the PETRONAS Group. The fi fth division is dedicated to oversee and drive PGBs foray into the liquefi ed natural gas (LNG) regasifi cation business to augment Malaysias gas supply.

With current expansion and growth involving new business ventures, PGB is branching out to other new and exciting areas of growth. With projects such as the Sabah-Sarawak Gas Pipeline, Kimanis Power Plant and LNG Regasifi cation Terminal expected to be commissioned in 2013, we are gearing up and getting ready to usher in a new period of growth.

Centralised Utility Facilities (CUF)CUF supplies a range of industrial utilities to the petrochemical businesses in Kertih Integrated Petrochemical Complex in Terengganu and Gebeng Industrial Area in Pahang. The industrial utilities include electricity, steam, industrial gases and other by-products such as liquid oxygen, liquid nitrogen, demineralised water, raw water, cooling water and boiler feed water.

Technical and Facilities Development Division (TFDD)TFDD is the engineering and project management arm of PGB. With vast technical experience, TFDD also provides project management services to other companies within the PETRONAS Group such as PETRONAS Carigali Sdn Bhd for the Sabah-Sarawak Gas Pipeline project.

LNG Regasifi cation Division (RGTD)RGTD is responsible for overseeing the engineering, construction and commissioning of LNG regasifi cation facilities throughout Malaysia.

Industrial Utilities Engineering and Project Management Services LNG Regasification


GPP B

CUF Kertih

CUF Gebeng

GPP A

STRAITSOF MELAKA

SOUTH CHINA SEA

20

PERLIS

PULAUPINANG

PERAK

SELANGOR

PAHANG

KEDAH

KELANTANTERENGGANU

NEGERISEMBILAN

MELAKA

JOHOR

SINGAPORE

19

18

17

16

15

14

12

13

11

10

98

7

65

3

4

2

1

CUSTOMERS

Gas Processing Plant (GPP)

Centralised Utility Facilities (CUF)

Compressor Station

Tenaga Nasional Berhad Power Station

Independent Power Producer Power Station

LNG Regasifi cation Terminal

PGU I 32 km

Kertih - Teluk Kalong 1984

PGU II 685 km

Sector I : 233 kmTeluk Kalong - Segamat 1991

Sector II : 241 kmSegamat - Kapar 1991

Sector III : 211 kmSegamat - Singapore 1991

PGU III 450 km

Sector I : 184 kmMeru - Lumut 1996

Sector II : 176 kmLumut - Gurun 1998

Sector III : 90 kmGurun - Pauh 1998

Loop 1 265 km

Kertih - Segamat 1999

Loop 2 226 km

Segamat - Meru 2001

Main Pipeline Gas - in

Capacitymmscfd

GPP A

GPP B

GPPComplex

1 310

2 250

3 250

4 250

5 500

6 500

Total 2,060

1. TNB Paka

2. YTL Paka

3. TNB Pasir Gudang

4. YTL Pasir Gudang

5. Senoko Energy

6. Keppel Gas

7. Pahlawan Power,

Tg. Kling

8. Panglima Power,

Teluk Gong

9. Powertek,

Teluk Gong

Major Customers

10. TNB Tuanku Jaafar

11. Port Dickson Power

12. Genting Sanyen Power

13. TNB Serdang

14. TNB Connaught Bridge

15. TNB Kapar

16. GB3 Lumut

17. Segari Energy Ventures

18. Prai Power

19. TNB Gelugor

20. Technology Tenaga

Perlis Consortium

Our PresencePGB Total Pipeline Length(in operation)

Main 1,658 km

Lateral 374 km

C2, C3 and C4 357 km

GPP Interconnect 116 km

Sarawak 45 km

Total 2,550 km


NLUTONG

MIRI TOWN

PIASAU

PUJUT

SABAH

SARAWAK

SOUTH CHINA SEA

SOUTH CHINA SEA

Miri Pipeline System Network

LUAK

Teacher Training CollegeTaman Tunku

Miri

Bintulu

1

3

6

4

2

SOUTH CHINA SEA

TG. KIDURONG

Bintulu Pipeline System Network

5

Kimanis

FACILITIES

Pipeline

Power Station

Industry

Kimanis Power Plant

CUSTOMERS

SESCO Miri Power Station

Sarawak Gas Distribution System

Bintulu Edible Oils Sdn. Bhd.

Syarikat Sebangun Sdn. Bhd.

Sime Darby Austral Sdn. Bhd.

Biport Bulkers Sdn. Bhd.

1

2

3

4

5

6


CENTRALISED UTILITY FACILITIES

Organisational Structure

50%

100%

100%

99%

60%

60%

14.8

%

Jointly Controlled EntitySubsidiaries

Associate Company

Corporate Structure

BOARD OF DIRECTORS

MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER

PETRONAS GAS BERHAD

LNG REGASIFICATION

TRANSMISSION OPERATIONS

BUSINESS PLANNING

HEALTH, SAFETY AND ENVIRONMENT

RISK MANAGEMENT

Industrial Gases Solutions Sdn Bhd

Gas Malaysia Berhad

PLANT OPERATIONS

Regas Terminal (Sg. Udang) Sdn Bhd

Regas Terminal (Pengerang) Sdn Bhd

Regas Terminal (Lahad Datu) Sd Bhd

Kimanis Power Sdn Bhd

Kimanis O&M Sdn Bhd

LEGAL AND CORPORATE SECRETARIAT

PROJECT SUPPLY CHAIN MANAGEMENT

HUMAN RESOURCE MANAGEMENT

TECHNICAL AND FACILITIES DEVELOPMENT

CORPORATE AND COMMERCIAL SERVICES

FINANCE

NOMINATION AND REMUNERATION COMMITTEEBOARD AUDIT COMMITTEE

MANAGEMENT COMMITTEE


Corporate andManagement Directory

DIRECTORS

Datuk Anuar bin Ahmad

Samsudin bin Miskon

Dato N. Sadasivan N.N. Pillay

Dato Mohammad Medan bin Abdullah

Datuk Rosli bin Boni

Ir. Pramod Kumar Karunakaran

Dato Ab. Halim bin Mohyiddin

Lim Beng Choon

BOARD AUDIT COMMITTEE




NOMINATION AND REMUNERATION COMMITTEE

Lim Beng Choon



SECRETARIES

Intan Shafi nas (Tuty) binti Hussain(LS 0009165)

Yeap Kok Leong (MAICSA 0862549)

REGISTRAR

Symphony Share Registrars Sdn Bhd (378993-D)

Level 6, Symphony House,

Pusat Dagangan Dana 1,

Jalan PJU 1A/46,

47301 Petaling Jaya,

Selangor Darul Ehsan

Tel: (+603) 7841 8000

Fax: (+603) 7841 8151

REGISTERED OFFICE AND BUSINESS ADDRESS

Tower 1, PETRONAS Twin Towers,

Kuala Lumpur City Centre,

50088 Kuala Lumpur

Tel: (+603) 2051 5000

Fax: (+603) 2051 6555

AUDITORS

KPMG Desa Megat & Co.

PRINCIPAL BANKER

CIMB Bank Berhad

STOCK EXCHANGE LISTING

Main Market of Bursa Malaysia Securities Berhad

WEBSITE

www.petronasgas.com


Board ofDirectors


From left:

Muri bin Muhammad



Datuk Anuar bin Ahmad (Chairman)

Ir. Pramod Kumar Karunakaran

Lim Beng Choon

Samsudin bin Miskon (Managing Director/Chief Executive Offi cer)



Ramlan bin Abdul Malek


DirectorsProfi les

Datuk Anuar bin Ahmad ChairmanMalaysian (age 59)

Appointed as Director and Chairman of PETRONAS Gas Berhad on 17 August 2010.

Skills and Experience: Datuk Anuar holds a Bachelor of Science Degree (Econs) from the London School of Economics & Political Science, University of London, United Kingdom and had attended Harvard Business Schools Advanced Management Programme, United States of America.

He joined PETRONAS in 1977 and is currently the Executive Vice President (EVP) of Gas and Power Business, PETRONAS.

Prior to his appointment as EVP of Gas and Power Business, he held various senior managerial positions in the International Marketing Division and Corporate Planning Unit of PETRONAS Trading Corporation Sdn Bhd and PETRONAS Dagangan Berhad respectively. Datuk Anuar has also held the positions of Vice President of Oil Business, PETRONAS, as well as Vice President of Human Resource Management, PETRONAS.

Datuk Anuar is a member of the PETRONAS Executive Committee and PETRONAS Management Committee. He also sits on the Board of several other companies within the PETRONAS Group.


Samsudin bin Miskon Managing Director/Chief Executive Offi cer Malaysian (age 52)

Appointed to the Board of PETRONAS Gas Berhad as Managing Director/Chief Executive Offi cer on 1 March 2007.

Skills and Experience: Samsudin holds a B.Sc (Hons) in Chemical Engineering from Aston University, United Kingdom in 1983. He obtained a Masters of Science in Project Management from Reading University, United Kingdom in 1994. In 2005, Samsudin attended the Advanced Management Program at Harvard Business School, United States of America.

Samsudin began his career with PETRONAS in 1983 as a process engineer and was involved in the operations, design and project implementation of gas processing facilities in PETRONAS Gas Berhad until 1992.

He had held several positions in the PETRONAS Group including serving as General Manager in the Plant Division of OGP Technical Services Sdn Bhd accountable for the project management of gas processing and petrochemical plants until 2000. He then served as the General Manager of Malaysia LNG Dua Sdn Bhd and subsequently as the Senior General Manager of Malaysia LNG Sdn Bhd until 2005, managing the operations of the PETRONAS LNG Complex in Bintulu, Sarawak.

Prior to his current appointment, Samsudin was the Senior General Manager of Leadership and Capability Development Department of Human Resource Management Division in PETRONAS.

Samsudin is currently the Chairman of Kimanis Power Sdn Bhd, Regas Terminal (Sg. Udang) Sdn Bhd, Regas Terminal (Pengerang) Sdn Bhd and Regas Terminal (Lahad Datu) Sdn Bhd. He also sits on the Board of several companies in the PETRONAS Group.

External Appointment: Director, Gas Malaysia Berhad

Dato N. Sadasivan N.N. Pillay Senior Independent Non-Executive DirectorMalaysian (age 73)

Appointed to the Board of PETRONAS Gas Berhad on 29 August 1995.

Skills and Experience: He graduated in Economics from the University of Malaya in 1963.

Dato N. Sadasivan began his career with the Economic Development Board Singapore upon graduation until 1967. In 1968, Dato N. Sadasivan joined the Malaysian Industrial Development Authority (MIDA) and was appointed as the Director-General of MIDA in 1984. He served in that capacity until his retirement in 1995.

External Appointments: Executive Chairman, SKA Management Consultants Sdn Bhd Director, APM Automotive Holdings Berhad Director, Bank Negara Malaysia Director of seven private companies (Sdn Bhd)

Committee Membership: Chairman, Board Audit Nomination and Remuneration


Datuk Rosli bin BoniNon-Independent Non-Executive DirectorMalaysian (age 56)

Appointed to the Board of PETRONAS Gas Berhad on 1 November 2010.

Skills and Experience: Datuk Rosli holds a Bachelor of Science in Petroleum Engineering from the University of Wyoming, United States of America in 1979.

Datuk Rosli has 32 years of experience in the petroleum industry. He began his career with PETRONAS in 1980 in the area of sub-surface engineering, wireline operations, well drilling and well-testing operations. He served as a Field Asset Manager for fi ve years from 1996 to 2000.

From July 2000 to March 2004, Datuk Rosli was involved in several overseas assignments at top management level, namely with Premier Oil plc in the United Kingdom, an oil development project in Chad and exploration in Bahrain.

From April 2004 to February 2010, he served as the General Manager (GM) in the Petroleum Management Unit in Exploration & Production Division, Senior GM of the Operations Division in charge of all production operations both in Malaysia and overseas and as the Senior GM of the Corporate Human Resource Shared Services. He is active in the Society of Petroleum Engineer (SPE) and has served in the committee of various SPE forums and workshops.

External Appointment: Chief Executive Offi cer with Malaysia-Thailand Joint Authority (MTJA)

Committee Membership: Board Audit

Dato Mohammad Medan bin Abdullah Non-Independent Non-Executive Director Malaysian (age 54)


Skills and Experience: Dato Medan graduated with a Bachelor of Laws from the University of Malaya and had attended the Advanced Management Program at the Wharton School, University of Pennsylvania, Philadelphia, United States of America.

Dato Medan began his career in 1982 at PETRONAS as a Legal Offi cer at the Legal Services Department and had since held various positions before his current appointment as the Senior General Manager (SGM) of Group Corporate Affairs Division of PETRONAS in May 2010.

He has helmed various senior positions within the PETRONAS Group, including that of Managing Director/Chief Executive Offi cer (CEO) of Malaysia LNG Group of Companies, SGM of Group Tenders and Contracts Division, Executive Assistant to the President/CEO of PETRONAS, SGM of Corporate Services Division in PETRONAS Carigali Sdn Bhd and General Counsel for Exploration & Production Business, PETRONAS.

Dato Medan possesses a proven track record in achieving various signifi cant successes across the oil and gas value chain, to contribute towards PETRONAS overall profi tability and growth.

Dato Medan is currently a member of PETRONAS Management Committee and sits on the Board of several companies in the PETRONAS Group.

External Appointments: Director, PETRONAS Dagangan Berhad Director, Bintulu Port Holdings Berhad

Committee Membership: Nomination and Remuneration

Directors Profi les


Ir. Pramod Kumar Karunakaran Non-Independent Non-Executive DirectorMalaysian (age 53)

Appointed to the Board of PETRONAS Gas Berhad on 25 July 2011.

Skills and Experience: Ir. Pramod holds a Bachelor of Science, Communication (Electronics) Engineering from Leeds Polytechnic, United Kingdom.

Ir. Pramod joined PETRONAS in 1984 and is currently the Vice President of Infrastructure, Utilities, Gas and Power Business. Prior to assuming this position, he has held various senior positions in PETRONAS including as the Managing Director/Chief Executive Offi cer of Ethylene (M) Sdn Bhd, Senior General Manager and Head of Group Plant Performance Management, Group Technology Solution and General Manager (Plant) of ASEAN Bintulu Fertilizer Sdn Bhd.

Ir. Pramod also sits on the Boards of other companies within the PETRONAS Group.

External Appointment: Director, PETRONAS Dagangan Berhad

Dato Ab. Halim bin Mohyiddin Independent Non-Executive DirectorMalaysian (age 67)


Skills and Experience: Dato Ab. Halim graduated with a Bachelor of Economics (Accounting) from the University of Malaya in 1971 and thereafter joined Universiti Kebangsaan Malaysia as a Faculty member of the Faculty of Economics. He obtained his Masters of Business Administration from the University of Alberta, Edmonton, Alberta, Canada in 1973 and subsequently a Diploma in Accountancy from University Malaya in 1975.

He joined KPMG/KPMG Desa Megat & Co. in 1977 and had his early accounting training in both Malaysia and the United States of America. He was made Partner of KPMG in 1985. During his tenure as Partner for 17 years, he held various designations in KPMG and acted as receiver and manager and liquidator for several companies. At the time of his retirement on 1 October 2001, he was the Partner in Charge of the Assurance and Financial Advisory Services Divisions and was also looking after the Secured e-Commerce Practice of the Firm.

He is a past member of the Education Committee of the International Federation of Accountants (IFAC), representing Malaysia in the Committee from 2001-2005.

External Appointments: Council Member of The Malaysian Institute of Certifi ed Public

Accountants (MICPA) Chairman of the Education Training Committee of the Institute Member of the Malaysian Institute of Accountants (MIA) Director, HeiTech Padu Berhad Director, Utusan Melayu (Malaysia) Berhad Director, Kumpulan Perangsang Selangor Berhad Director, Amway (Malaysia) Holdings Berhad Director, KNM Group Berhad Director, ECM Libra Financial Group Berhad Director, Amcorp Properties Berhad Director, RCE Capital Berhad Director, DiGi Telecommunications Sdn Bhd



Lim Beng Choon Independent Non-Executive Director Malaysian (age 53)


Skills and Experience: Beng Choon holds a Bachelor of Science (First Class Honours) in Mathematics and Computer Science from the Australian National University, Canberra, Australian Capital Territory, Australia and has attended numerous Accenture Management Training Programs in the United States of America and the IMD Leadership Program in Switzerland.

Beng Choon was the Country Managing Director in Accenture, the global consulting, technology and outsourcing company, before he retired in 2009. He held various positions during his 28 years tenure in Accenture, including that of Managing Partner for Accentures Resources Industry Group (Oil & Gas, Chemicals, Utilities, Natural Resources) in South Asia. He also had oversight of the Management Consulting practice across industries in ASEAN.

Beng Choon has extensive experience in management consulting which spans strategy formulation, operational consulting and merger integrations and has led complex projects to deliver transformational change for multinationals as well as top Malaysian companies. Prior to moving into management consulting, he was in technology consulting covering IT Strategies and System Integration work.

External Appointments: Trustee in the ECM Libra Foundation Director, PETRONAS Dagangan Berhad Director, Hong Leong Bank Berhad Director, MISC Berhad

Committee Membership: Chairman, Nomination and Remuneration

Directors Profi les

Muri bin Muhammad Independent Non-Executive Director Malaysian (age 70)


Skills and Experience: He holds a Master of Science in Biological Oceanography from Dalhousie University, Halifax, Canada.

Muri started his career with PETRONAS in 1975 and had served for 27 years in various capacities, including as the Managing Director/Chief Executive Offi cer of ASEAN Bintulu Fertilizer Sdn Bhd and Managing Director/Chief Executive Offi cer of Malaysia LNG Sdn Bhd. Muri retired as the Vice President of Gas Business, PETRONAS in 2002. Upon his retirement, he was appointed as an Advisor to Gas Business, PETRONAS, until the end of March 2005.

On 1 September 2005, he was appointed by the Government as a member of the Energy Commission of Malaysia and served for the full term of four years until August 2009. He has also served as a Director of various international gas pipeline companies namely APA Group, a public listed Australian gas transmission and energy company, Transportadora de Gas delNorte (TGN) and Transportadora de Gas del Mercosur (TGM), both gas transmission companies of Argentina.

Muri was also on the Board of several PETRONAS subsidiaries and has held the position of the Chairman of the Board of the Gas District Cooling Group of Companies, PETRONAS NGV Sdn Bhd, Bekalan Air KIPC Sdn Bhd and OGP Technical Services Sdn Bhd.

External Appointment: Board Member, Petromin PNG Holdings Limited


Muri has since vacated offi ce on 31 December 2012 pursuant to Paragraph 15.05 (3) (c) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.


None of the Directors has:

Any family relationship with any other Director and/or major shareholder

Any confl ict of interest with PETRONAS Gas Berhad

Any conviction for offences within the past 10 years other than traffi c offences

Ramlan bin Abdul Malek Non-Independent Non-Executive Director Malaysian (age 58)


Skills and Experience: Ramlan holds a degree in Chemical Engineering from the University of Bath, United Kingdom.

Ramlan joined PETRONAS in 1979 and possesses 33 years of working experience mainly in the area of Exploration & Production (E&P). He is currently the Vice President of Petroleum Management, E&P Business of PETRONAS. As the Head of Petroleum Management Unit (PMU), his present responsibilities covers promotion and regulation of the upstream activities in Malaysia. PMU also acts as the petroleum resource owner and production sharing contracts manager in Malaysia.

Prior to assuming his current position in June 2010, he was the Vice President of E&P Business and has held several technical and general management positions in PETRONAS, PETRONAS Carigali Sdn Bhd and PETRONAS Research Sdn Bhd. Ramlan also sits on the PETRONAS Management Committee.

External Appointments: Chairman, Society of Petroleum Engineers (SPE) Asia-Pacifi c Sdn Bhd Board Member, Malaysia Petroleum Resource Corporation Board Member, Malaysia-Thailand Joint Authority

Ramlan has since vacated offi ce on 31 December 2012 pursuant to Paragraph 15.05 (3) (c) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.


ManagementCommittee

From left:

Muhamed Ali bin Hashim Muhamed

Azlimi bin Mohd Lazim

Mohd Sukri bin Ibrahim

Intan Shafi nas (Tuty) binti Hussain

Ahmad Nawawi bin Mohd Yatim

Wan Mohd Muzani bin Wan Muda

Aida Aziza binti Mohd Jamaludin

Samsudin bin Miskon

Ir. Hudal Firdaus bin Dimyati

Helmi bin Zaidan

Zilfalilah binti Abdul Aziz

Abdul Rashid bin Mukri

Norarnizar bin Ali Amran


Samsudin bin Miskon Managing Director/Chief Executive Offi cer Malaysian (age 52)

Appointed to the Board of PETRONAS Gas Berhad as Managing Director/Chief Executive Offi cer in March 2007.

Skills and Experience: Samsudin holds a B.Sc (Hons) in Chemical Engineering from Aston University, United Kingdom in 1983. He obtained a Masters of Science in Project Management from Reading University, United Kingdom in 1994. In 2005, Samsudin attended the Advanced Management Program at Harvard Business School, United States of America.

Samsudin began his career with PETRONAS in 1983 as a process engineer and was involved in the operations, design and project implementation of gas processing facilities in PETRONAS Gas Berhad until 1992.

He had held several positions in the PETRONAS Group including serving as General Manager in the Plant Division of OGP Technical Services Sdn Bhd accountable for the project management of gas processing and petrochemical plants until 2000. He then served as the General Manager of Malaysia LNG Dua Sdn Bhd and subsequently as the Senior General Manager of Malaysia LNG Sdn Bhd until 2005, managing the operations of the PETRONAS LNG Complex in Bintulu, Sarawak.

Prior to his current appointment, Samsudin was the Senior General Manager of Leadership and Capability Development Department of Human Resource Management Division in PETRONAS.

Samsudin is currently the Chairman of Kimanis Power Sdn Bhd, Regas Terminal (Sg. Udang) Sdn Bhd, Regas Terminal (Pengerang) Sdn Bhd and Regas Terminal (Lahad Datu) Sdn Bhd. He also sits on the Board of several companies in the PETRONAS Group.

External Appointment: Director, Gas Malaysia Berhad

Management Committees Profi les


Azlimi bin Mohd LazimSenior General Manager, Plant Operations Division (POD)Malaysian (age 47)

Appointed as Senior General Manager of POD in April 2012.

Skills and Experience: Azlimi holds a degree in Chemical Engineering from Lamar University, Texas, United States of America (USA). He also attended the Advance Management Program at the Wharton School, University of Pennsylvania, Philadelphia, USA in 2007.

Azlimi began his career as a Trainee Engineer in 1990 at Sabah Gas Industries in the Methanol Plant Division and later joined PETRONAS in March 1991 as Shift Operations Supervisor at MTBE Malaysia Sdn Bhd (MTBE).

Azlimis six years experience in the Dehydro Section provided the platform for him to emerge as Section Head at the Export Terminal Section in 1996. In 1998, he was appointed as Senior Process Engineer and subsequently returned to the Dehydro Section as Operations Manager within the same year. Azlimi was later promoted to MTBE Plant Asset Senior Manager in April 2003 in the same operating unit.

After 13 years at MTBE, Azlimi was appointed in December 2004 as General Manager of Gas Processing Plant A, PETRONAS Gas Berhad and thereafter at Gas Processing Plant B, Kg Tok Arun Paka until March 2011.

Subsequently, he was appointed as President/Chief Executive Offi cer of Trans Thai-Malaysia (Thailand) Ltd in Songkhla, Thailand from April 2011 until March 2012.

Azlimi is currently the Chairman of Kimanis O&M Sdn Bhd.

Aida Aziza binti Mohd JamaludinGeneral Manager, Finance Division Malaysian (age 39)

Appointed as General Manager of Finance Division in September 2012.

Skills and Experience: Aida Aziza holds a Bachelor of Accounting and Finance from the University of Lancaster, United Kingdom.

Aida Aziza began her career with PETRONAS in October 1996 as an executive in the Budget Department of the PETRONAS and in the ensuing years, has held various positions in the PETRONAS Group, including serving as General Manager for the Finance and Accounts Services Department.

Aida Aziza has acquired more than 16 years of experience in accounting and fi nance related assignments. She has led several Financial Reporting Standard and Malaysian Financial Reporting Standard implementations for PETRONAS Group of Companies as well as the implementation of the SAP ECC6.0 for PETRONAS.

Aida Aziza is a Director of Kimanis O&M Sdn Bhd.

External Appointments: Fellow, Association of Chartered Certifi ed Accountant

of United Kingdom Alternate Director, Gas Malaysia Berhad



Norarnizar bin Ali AmranGeneral Manager, Transmission Operations Division (TOD)Malaysian (age 51)

Appointed as General Manager, TOD in November 2011.

Skills and Experience: Norarnizar holds a Bachelor Degree in Chemical Engineering from University Technology Malaysia and Diploma in Mechanical Engineering from Mara Institute of Technology.

Norarnizar has been in the gas industry for more than 29 years since he began his career as a Project Engineer in Gas Processing Plant Project in 1984. He was involved in the design and project implementation of gas processing facilities.

Norarnizar has acquired vast experience in the gas transmission operation from his assignment in PETRONAS Gas Berhad, assuming the positions of Pipeline Executive, Regional Manager and fi nally as Senior Manager, Operation in 2005. Prior to his appointment to the current position, he was the Senior Manager of Operation Engineering Department, TOD.

Mohd Sukri bin IbrahimGeneral Manager, Centralised Utility Facilities Division (CUF)Malaysian (age 50)

Appointed as General Manager, CUF in August 2009.

Skills and Experience: Mohd Sukri holds a Bachelor Degree of Science in Petroleum Engineering from the West Virginia University, United States of America.

Upon graduation, he started his career as a Service Engineer with a drilling company serving Esso Production Malaysia Inc and Sarawak Shell Berhad. His career in PETRONAS started in 1991 as a Shift Supervisor in PETRONAS Gas Berhad where he was involved in the project implementation of several gas plants. In 1997, he was assigned to the project engineering, construction, commissioning and operations at CUF. Prior to his current position, he was assigned to Gas Processing Plant B as Senior Manager of Plant Operations.

Mohd Sukri also serves as a Director for Kimanis Power Sdn Bhd and Industrial Gases Solutions Sdn Bhd.


Ahmad Nawawi bin Mohd YatimGeneral Manager, Technical and Facilities Development Division (TFDD), Malaysian (age 49)

Appointed as General Manager, TFDD in January 2011.

Skills and Experience: Ahmad Nawawi holds a Degree in Mechanical Engineering from University of New Brunswick, Canada.

Ahmad Nawawi joined PETRONAS Gas Berhad in October 1987 as a Trainee Engineer and was then appointed as a Mechanical Engineer for the Gas Processing Plant (GPP) 2 and 3 Project in the following year. In 1993, he was reassigned by PETRONAS to OGP Technical Services Sdn Bhd for the GPP 5 and 6 Project, the Propane Dehydrogenation Project and the District Cooling Plant Projects.

A decade later, he joined Gas Business Unit, PETRONAS, where he was responsible for business development for the Indonesian market. Ahmad Nawawi was appointed as Head of Project Engineering for the Sabah-Sarawak Integrated Oil & Gas Project in 2006 prior to his appointment in PETRONAS Gas Berhad in January 2011.

Ir. Hudal Firdaus bin DimyatiHead, LNG Regasifi cation Division Malaysian (age 49)

Appointed as Head of LNG Regasifi cation Division in January 2011.

Skills and Experience: Ir. Hudal Firdaus holds a Degree in Civil Engineering from the University of Toledo, Ohio, United States of America.

Ir. Hudal Firdaus joined PETRONAS in September 1993 as Deputy Project Services Manager of OGP Technical Services Sdn Bhd after working in a multinational oil and gas company for six years.

Ir. Hudal Firdaus was involved in the implementation of various cross border pipeline projects in Malaysia, Thailand and Sudan. In 1999, he served as an Audit Manager in the Group Internal Audit Division, PETRONAS and later as a Senior Manager where he was responsible for the audits on gas and petrochemical companies within PETRONAS Group. In 2003, he was appointed as Head of Business Development under the Gas Business Unit, PETRONAS, and was responsible for pursuing gas business opportunities in Myanmar and Thailand.

Ir. Hudal Firdaus joined PETRONAS Gas Berhad in April 2005 as Senior Manager, Engineering Management Department, Technical and Facilities Development Division (TFDD) and was later promoted to General Manager of TFDD in January 2006.

He is a Director of Regas Terminal (Sg. Udang) Sdn Bhd, Regas Terminal (Pengerang) Sdn Bhd and Regas Terminal (Lahad Datu) Sdn Bhd.

External Appointments: Member, Board of Engineers, Malaysia Member, Institution of Engineers, Malaysia



Muhamed Ali bin Hashim MuhamedManaging Director, Kimanis Power Sdn Bhd Malaysian (age 55)

Appointed as Managing Director, Kimanis Power Sdn Bhd in January 2009.

Skills and Experience: Muhamed Ali holds a Bachelor of Science (Hons) in Civil Engineering from Middlesex Polytechnic, United Kingdom.

Muhamed Ali began his career in PETRONAS as a Project Engineer after graduating in 1983 and his experiences include the management of pipeline system integrity and plant constructions. He also has vast experience in managing projects including the Gas Processing Plant 1, Export Terminal, Peninsular Gas Utilisation 2 and Malaysia LNG Tiga Project.

Prior to his current position, Muhamed Ali headed the Business Development of LNG in the Gas Business Unit, PETRONAS in which he was responsible for managing the entry for PETRONAS global LNG ventures through partnerships or acquisitions. Among the ventures he developed are Egyptian LNG and Gladstone LNG. His LNG business development scope covered India, Iran, Myanmar, China and Taiwan.

Wan Mohd Muzani bin Wan MudaGeneral Manager, Corporate and Commercial Services Division (CCSD), Malaysian (age 47)

Appointed as General Manager, CCSD in July 2012.

Skills and Experience: Wan Mohd Muzani holds a Bachelor of Science in Chemical Engineering from California State University, Long Beach, United States of America.

He started his career with PETRONAS in October 1988 as a Process Engineer at the Plant Operations Division, PETRONAS Gas Berhad (PGB). He spent most of his time in the plant, holding various positions in areas of Plant Technical Services, Project Management and Production Planning where he acquired in-depth experience in plant design and the operations of a gas plant.

Wan Mohd Muzani was also involved in the start-up and commissioning of Gas Processing Plant (GPP) 2, 3 and 4 and Plant Rejuvenation Project for GPP 1. Prior to his current position, he was the Senior Manager, Business Planning Department overseeing the business plan and budget and business portfolio management for PGB.

Wan Mohd Muzani has since assumed the position of General Manager, Technical Services, Malaysia LNG Sdn Bhd effective February 2013.


Intan Shafi nas (Tuty) binti HussainSenior Legal Counsel and Company SecretaryMalaysian (age 40)

Appointed as Company Secretary in May 2012.

Skills and Experience: Intan Shafi nas holds an LLB (Hons) from the University of Leicester, United Kingdom and Certifi cate in Legal Practice (Legal Profession Qualifying Board, Malaysia).

Prior to joining PETRONAS, Intan Shafi nas had garnered fi ve years of banking experience having worked at several fi nancial institutions in Malaysia.

Her career in PETRONAS started in 2001 as a Legal Executive with the Petrochemical Business, PETRONAS. In 2007, she was attached to the Corporate Services and Technology Department, Legal Division, PETRONAS, providing legal advisory services in the area of intellectual property and commercialisation of technologies. In January 2011, she was appointed as Senior Legal Counsel of Corporate Services, PETRONAS.

Intan Shafi nas then joined PETRONAS Chemicals Group Berhad in August 2011 and was subsequently appointed as Senior Legal Counsel of Legal and Corporate Secretariat Department, PETRONAS Gas Berhad, in March 2012.

She currently holds several positions as Company Secretary for Regas Terminal (Sg. Udang) Sdn Bhd, Regas Terminal (Pengerang) Sdn Bhd, Regas Terminal (Lahad Datu) Sdn Bhd, Gas District Cooling (UTP) Sdn Bhd, Industrial Gases Solutions Sdn Bhd, Kimanis Power Sdn Bhd and Kimanis O&M Sdn Bhd.

External Appointment: Member and Honorary Secretary, Board of Visitors, Prince Court

Medical Centre

Zilfalilah binti Abdul AzizGeneral Manager, Human Resources Management (HRM) Division Malaysian (age 45)

Appointed as General Manager, HRM Division in January 2009.

Skills and Experience: Zilfalilah holds a Degree in Computer Science and Mathematics from the New Mexico Institute of Mining and Technology, New Mexico, United States of America.

Zilfalilah began her career in PETRONAS in 1990 as a Management Executive, where she was assigned to develop the Human Resource Information System.

Since then, Zilfalilah has served in various capacities in the fi eld of human resource management, amongst others, the development of the PETRONAS Leadership Dimensions, Leadership and Performance Management System and employees reward programmes. She had also served in Vinyl Chloride (Malaysia) Sdn Bhd, a subsidiary of PETRONAS Chemicals Group Berhad.

Zilfalilah has since assumed the position of General Manager, Human Resource Division, PETRONAS Chemicals Group Berhad, effective March 2013.



Abdul Rashid bin MukriSenior Manager, Business Planning Department (BPD) Malaysian (age 46)

Appointed as Senior Manager, BPD in July 2012.

Skills and Experience: Abdul Rashid holds a Bachelor of Engineering (Civil) from the University of Western Australia, Australia.

Abdul Rashid started his career in 1991 with PETRONAS Gas Berhad as a Developmental Executive in Construction Management. He acquired nine years of Project Management experience working in various areas from Front End Engineering Design to Planning and Control. Subsequently, he spent two years with Australian Pipeline Trust in pipeline capacity marketing for Moomba to Sydney Pipeline and Central West Pipeline in New South Wales, Australia.

Abdul Rashid then spent the next ten years of his career in Gas Business Unit, PETRONAS, holding various positions where he acquired experience in Joint Venture Management, Gas Monetisation, Unconventional Gas and Business Development.

Helmi bin ZaidanSenior Manager, Health, Safety and Environment Department (HSE), Malaysian (age 39)

Appointed as Senior Manager, HSE in February 2012.

Skills and Experience: Helmi holds a Bachelor of Science in Petroleum Engineering from the University of Wyoming, United States of America and Master of Science in Process Safety and Loss Prevention from University of Sheffi eld, United Kingdom.

Helmi began his career with PETRONAS in 1996 as a Developmental Executive. He was then involved in the Gas Processing Plant 5 and 6 startup as a Shift Supervisor. The next 15 years of his career in Plant Operations Division (POD) saw him holding various positions where he acquired experience in plant operations, process design, turnaround planning and process safety. Prior to his current position, he was the HSE Manager for POD.


Karima binti Mohd NoorGeneral Manager, Finance Division, up to August 2012 Malaysian (age 37)

Skills and Experience: Karima holds a Degree in Economics, majoring in Accounting and Finance from the London School of Economics and Political Science, University of London, United Kingdom. She is also a member of the Malaysian Institute of Certifi ed Public Accountants and Malaysian Institute of Accountants.

Prior to joining PETRONAS, she pursued her articleship with Hanafi ah Raslan & Mohamad. She began her career in PETRONAS in February 2002 as a Finance Executive in PETRONAS Carigali Sdn Bhd and in the ensuing years, she served as an analyst in the Offi ce of the President.

She joined PETRONAS Gas Berhad in December 2008 and held various positions in the Financial and Management Accounting Department within the Finance Division.

Karima was appointed as the General Manager of Finance Division from February 2011 up to August 2012. She has since assumed the position of Head of Group Planning and Performance, Finance and Accounts Services Department of PETRONAS effective September 2012.


Chairmans Statement 36

CEOs Business Review 40

Business Review

Embracing Challenges


The road to growth is studded with challenging milestones. At PGB we have taken on challenging new projects to expand our business portfolio, knowing full well that our mental strength, capability and endurance will be tested by entering uncharted territory. While we have experienced both triumphs and tribulations, we are determined to stay the course.

99.99% PGU Pipeline Reliability

99.9%POD Sales Gas Reliability

99.5% CUF Electricity Reliability

In this challenging year, our people have exhibited resilience and resolve to overcome tremendous challenges in project execution, while ensuring that day-to-day operations continue to run effi ciently.


The fi nancial year ending 31 December 2012 was challenging for the

Company. In the operations, we did well generating a profi t before tax

of RM1,844.5 million and profi t after tax of RM1,397.1 million on revenue

of RM3,576.8 million. The results were enhanced by gains made from

partial sale of PETRONAS Gas Berhads equity in an associate company,

Gas Malaysia Berhad.

The Company unfortunately experienced delays in the construction

of the Melaka Regasifi cation Terminal and the rejuvenation and revamp

of Gas Processing Plant (GPP)3 and GPP2 (collectively known as

Plant Rejuvenation and Revamp 2 Project or PRR2).

The Board is recommending a fi nal dividend of 35 sen per share. In addition

to the interim dividend of 15 sen per share paid in December 2012,

the total gross dividend for the year is 50 sen per share. This represents

a dividend payout ratio of 70.4%.

Chairmans Statement


Operations Gas Processing and Transmission

As always, the Company strived to maintain operational excellence at world class standards. Unfortunately, a fi re incident resulting in a fatality and several injuries caused delay in the completion of the rejuvenation and revamping of GPP3 and GPP2. Fortunately though, the delay has not caused interruption of gas supply to the nation.

Our gas pipeline network reliability once again, exceeded world class standard at 99.99%.

Operations Utilities

The Companys Centralised Utility Facilities (CUF) in Kertih and Gebeng continued to register revenue growth on the back of stronger selling prices and higher sales volume of electricity and steam to customers.

Plant Rejuvenation and Revamp

I have communicated in the previous report that the Company is undertaking works to ensure that the plants integrity and reliability can be sustained for another 20 years of operations.

Chairmans Statement

The replacement, refurbishment, upgrading and modifi cation of the Companys GPP under the contract awarded in 2010 is on-going and will be completed this year, albeit there is a slight delay.

I am also pleased to inform members that during the year, we have awarded Engineering, Procurement, Construction and Commissioning (EPCC) contract for our Plant Rejuvenation and Revamp 4 (PRR 4) project. It involves the rejuvenation and revamp activities of GPP4, Kertih Compressor Station B and Dew Point Control Unit 2. The project is planned to be completed in 2015.

Regasifi cation Terminals

The Melaka LNG Regasifi cation Terminal was planned to be operational by September 2012. Unfortunately due to construction issues, the project is now delayed and is expected to be commissioned only by the second quarter of 2013.

The expected positive impact from this business will only be now refl ected in the Companys earnings beginning second half of 2013.

The progress of the other two LNG Regasifi cation Terminals at Pengerang, Johor and Lahad Datu, Sabah have been slow, in line with the progress of Refi nery and Petrochemical Integrated Development project and Lahad Datu Power Station.

People Our Most Valuable Resource

PETRONAS Gas Berhad (PGB) success would not have been possible without the support of its dedicated and committed pool of talents.

In this challenging year, our people have exhibited resilience and resolve to overcome tremendous challenges in project execution, while ensuring that day-to-day operations continue to run effi ciently.

With a view of PGBs future growth and expansion, the Company will continue to place an emphasis on capability development of its existing workforce through training and coaching. The Company will supplement these efforts by recruiting capable and experienced external talents. The success of these efforts will ensure that PGB has the right talent pool to propel its business further in years to come.


Corporate Social Responsibility (CSR)

The Company recognises the importance of engaging with the local community wherever we operate. Our key CSR initiatives have always focused on the participative involvement of our staff, reaching out to the communities around our operations, especially through programmes focusing on educational improvement and community welfare.

In the year under review, CSR activities such as the acclaimed Program Bakti Pendidikan PETRONAS (PBPP) allowed employees to volunteer their energy and knowledge towards encouraging better academic achievement and self-confi dence amongst primary school students in selected schools surrounding our operations.

I am pleased to note that during FY2012, we have experienced notable improvements in the academic performance of primary school students adopted under our PBPP programme. It is our sincere hope that the mentoring and encouragement provided by our staff through the programme will place these young students on the path to a brighter future.

Additionally, we continued to carry out a number of community welfare activities under the umbrella of our CSR programme, which focuses on assisting less fortunate members of society, such as those in the lower income groups as well as orphans.

Health, Safety and Environment (HSE)

We take HSE seriously. We have devoted a lot of time and resources towards embedding a safety-driven culture amongst our people. Notwithstanding these efforts, we regrettably experienced one fatality involving a contractors worker. We recognise that a safety-oriented mindset must be embraced by all. As part of this effort, we have introduced programmes which are preventive and corrective in nature, as well as initiated efforts to enhance HSE leadership and ownership amongst our people and contractors.

We certainly wish to improve our HSE performance to ensure that the regrettable incidents such as those experienced during the year can be prevented in the future.

Recognition

As usual, I would like to take this opportunity to express my sincere thanks to all our stakeholders for their continuous support and confi dence in PGB. My deepest appreciation goes to the Board of Directors for their guidance and counsel, as well as to the Management and employees of PGB for their loyalty, dedication and strong sense of ownership which has helped us overcome the odds, time and again. My gratitude also goes to the various authorities for their support, cooperation and assistance provided.

Datuk Anuar Ahmad

Chairman

We take HSE seriously. We recognise that a safety-oriented mindset must be embraced by all.


CEOs Business Review

INTRODUCTION

Embracing ProgressFinancial Year 2012 was a watershed year for PETRONAS Gas Berhad (PGB) as we continue to chart the Companys course along the strategic path for growth initiated a number of years ago.

As a Company that has established a fi rm foundation in the gas processing and transmission business, we are aware of the fact that the Company must look beyond its conventional business model in order to generate new sources of revenues for the future.

Based on this insight, PGB has diversifi ed its business model to venture into liquefi ed natural gas (LNG) regasifi cation, power generation and Third Party Access (TPA) as a possible means of injecting new vigour into the Company.

Admittedly, the path to progress is not without its challenges. In the year that was, we continue to be united in our resolution to steer PGB through various project challenges and issues. While there were moments when the complexity of the challenge can be confounding, even to the most experienced hands, our determination to do our best and see things through have helped us arrive to where we are today.

The tough lessons and pain we faced during the year of growth have made us much wiser and more determined to reach our promised destination.

We remain committed to the pursuit of growth and embracing progress that will not only sustain PGBs business but will also ensure the advancement of its business model to weather the challenges of an ever-changing gas industry, whatever tomorrow brings.

The progress of our journey so far is detailed out in the following pages.


We continue to be united in our resolution to steer PGB through various project challenges and issues.

Our determination to do our best and see things through has helped us arrive at where we are today.


FINANCIAL PERFORMANCE

Delivering Value to Our StakeholdersDuring the year under review the Company continues to deliver its commitments as outlined under the 4th Term Gas Processing and Transmission Agreement (GPTA) with PETRONAS. The GPTA provides for PETRONAS to remunerate PGB with a Throughput Fee (TF) for processing and transmitting gas to PETRONAS customer.

While the agreement guarantees a stable and reliable income stream for PGB, the Company has always pride itself in its ability to add further value and generate spinoffs that will increase revenues and enhance its profi tability.

Challenges in the upstream continue to limit the volume of feed gas supply processed and transmitted through PGBs system, impacting the scale of revenue earned from the GPTA arrangement. Furthermore, project challenges experienced during the year under review also delayed the introduction of new income streams to PGBs revenue.

Against this background, PGB persevered and delivered a commendable fi nancial performance for FY2012. The Group recorded a revenue of RM3,576.8 million, a decrease of RM79.5 million (2.2%) as compared to the previous year mainly due to lower revenue contribution from gas processing, though partly negated by higher sales of utilities and gas transmission revenues.

FINANCIAL HIGHLIGHTS

Group Profi t after tax improved by 3.7% despite decrease in revenue, augmented by income from partial disposal of stake in an associate.

Earnings per share attributable to shareholders increased by 4.3% to 71.0 sen from 68.1 sen.

Successfully secured Islamic Financing Facilities with a nominal value of RM1.16 billion for the construction of the Kimanis Power Plant.

OPERATIONAL HIGHLIGHTS

Consistently performing at world class standard for gas pipeline reliability.

Kimanis Power Plant is on track to be commissioned by end of 2013.

Awarded Engineering, Procurement, Construction and Commissioning package for PRR4 to Toyo Engineering Corporation of Japan.


Against the background of a challenging year, PGB persevered and delivered commendable results for FY2012

During the year, the cost of revenue decreased by 5.2% to RM1,806.8 million from RM1,906.5 million previously. As a result, the Group recorded a profi t before tax of RM1,844.5 million for the fi nancial year ended 31 December 2012, which is an increase of RM60.7 million (3.4%).

The Groups profi t before tax was also augmented by the income generated from the partial disposal of its stake in Gas Malaysia Berhad, an associate company, which generated a gain of RM100 million.

Profi t after tax for the fi nancial year under review increased to RM1,397.1 million, which is RM49.7 million and 3.7% higher than the performance recorded last year. Earnings per share attributable to the shareholders of the Company increased to 71.0 sen from 68.1 sen in the previous year.

The Board of Directors is recommending a fi nal dividend of 35 sen per share under the single tier system. Together with the interim dividend of 15 sen per share under the single tier system paid out on 20 September 2012, total gross and net dividend for the fi nancial year ended 31 December 2012 will amount to 50 sen per share, which represents a dividend payout ratio of 70.4%.


BUSINESS SEGMENTS

Gas Processing and Transportation Business

Sustaining Reliability against a Challenging Background

The Companys Gas Processing Plants (GPP) operated by our Plant Operations Division (POD) in Kertih and Paka in Terengganu experienced continued challenges due to prolonged upstream constraints which resulted in decreased feed gas supply. During the year under review, our GPPs processed an average of 1971 million standard cubic feet per day (mmscfd) of gas.

Our Peninsular Gas Utilisation (PGU) pipeline network also received 409 mmscfd of gas from the Malaysia-Thailand Joint Development Area (MTJDA). Total sales gas delivered to customers was 2,132 mmscfd.

Sustaining our businessPGBs effort to rejuvenate and revamp its plant will extend the life of the Companys capital assets for many years to come, ensuring continued reliability and operability.


Despite facing a number of challenges during the year, the Company continued to sustain its plant operations at commendable standards. GPPs sales gas reliability was at 99.9% while its reliability for ethane was at 90.1%. The reliability for propane and butane was recorded at 91.7%

The Company also managed to sustain its pipeline reliability above world class average, chalking 99.99% for the year.

Utilities Business

Generating Higher Value

Our Centralised Utility Facilities (CUF) plants in Kertih, Terengganu and Gebeng, Pahang continued to deliver relatively good performance, despite experiencing some plant-related issues during the year. Notwithstanding this, CUF registered a commendable 10% revenue growth on the back of higher volumes of electricity and steam sales, and higher realised product prices.

CUF charted 94.9% reliability for steam, 95.9% reliability for industrial gases as well as 99.5% reliability for electricity during the year under review.

On the path to future growth PGBs foray into new businesses such as LNG regasifi cation (above) and power generation (below) is expected to bring on new revenue streams for the Group.



PLANT REJUVENATION AND REVAMP

Sustaining Operability and Asset IntegrityDuring the year under review, the Company experienced delays in completing its Plant Rejuvenation and Revamp project (PRR2) which comprises the rejuvenation and revamp of facilities in our GPP2, GPP3 and the Kertih Compressor Station located in our GPP Complex A in Kertih and the Export Terminal (ET) Units 3 and 4 in Kemaman, Terengganu.

Despite the above, we are working hard to achieve our collective completion date in late 2013 as planned. The completion of the PRR is expected to sustain PGBs plant reliability and integrity for an additional 20 years while generating major savings in capital investment.

As announced last year, PGB has also embarked on the PRR4 project, which will involve GPP4, Kertih Compressor Station B (KCS B) and Dew Point Control Unit 2 (DPCU2) within GPP Complex A, in Kertih, Terengganu. The Engineering, Procurement, Construction and Commissioning (EPCC) package has been awarded to a consortium led by Toyo Engineering Corporation of Japan. The project is expected to be completed by 2015.

LNG REGASIFICATION TERMINAL PROJECT

Adding a New Node for GrowthPGB is in the fi nal stages of completing the development of Malaysias very fi rst offshore LNG Regasifi cation Terminal (RGT) in Sungai Udang, Melaka, although we have been experiencing delays that

was contributed by construction issues. The completion of the project will ensure the security of gas supply to Peninsular Malaysia, as well as meet the increasing demand from consumers in the power generation and manufacturing sectors.

As announced during the fi nancial year, the project is expected to be commissioned by second quarter of FY2013.

There was no material effect on PGBs earnings and net assets for the year under review resulting from the later commencement of operations at the RGT. Resulting from this, the expected positive impact from the RGT business will only be refl ected in PGBs earnings in the next fi nancial year ending 31 December 2013.

OTHER PROJECT UPDATES

Weathering ChallengesDuring the year under review, PGB continued to provide project management services for the construction of the Sabah-Sarawak Gas Pipeline carried out by contractors for PETRONAS Carigali Sdn Bhd, which is expected to undergo commissioning in 2013.

This effort showcases our capability in undertaking the development and construction management of a key gas infrastructure project along some of the most challenging terrains and operating environments in Malaysia, leveraging on our previous experience in developing the Peninsular Gas Utilisation system.

I am pleased to inform that our joint-venture effort with Yayasan Sabah, Kimanis Power Sdn Bhd, has reported commendable progress with the construction of its 300MW gas-fi red power plant located in Kimanis, Sabah.

The plant is expected to begin supplying its fi rst 100MW of electricity by the end of 2013 providing much needed additional electricity supply to support the states economic growth and social well-being.

Last year, Kimanis Power also successfully secured Islamic Financing Facilities of a nominal value of RM1.16 billion. The fi rst series of the Sukuk programme has been issued on 8 August 2012 with an aggregate nominal value of RM860.0 million.

HEALTH, SAFETY AND ENVIRONMENT (HSE)

Strengthening Our Commitment to SafetyFor the year under review despite our aspiration to raise our focus on HSE, we regret to inform that our projects experienced some incidents that impacted our HSE performance. We recorded Lost Time Injury Frequency (LTIF), Total Reportable Case Frequency (TRCF) and Fatal Accident Rate (FAR) rating of 0.19, 1.3 and 4.67 respectively. We regrettably experienced one fatality by one of our contractors during activity carried out in our GPP, during a fi re incident. Since then, we have doubled our efforts to strengthen our internal safety culture as well as ensuring that the zero tolerance mindset to safety is also emulated by the contractors working on our projects.

Regardless of all the challenges faced by PGB, we continue to work hard to ensure that HSE standards and practices at all our areas of operations are fully complied with. We are also working with all safety regulatory bodies to ensure that necessary steps are taken to provide a better safety measure to prevent any incidents from recurring in the future.



CORPORATE RESPONSIBILITY IN THE ENVIRONMENT

Sustaining the BalanceAs a responsible corporate citizen that gives due focus to the economic, social and environmental aspects of our operations, PGB continues to support programmes which promote environmental awareness and sustainability.

Our Environmental 4G (Green Care, Green Mind, Green Ownership and Green Growth) Program is still going strong. For the year under review, we turned our focus to waste minimisation, aimed at reducing the total amount of scheduled wastes generated in 2012.

Our waste minimisation efforts not only ensured that less waste is being disposed, it also translates to fi nancial savings for the Company, as costly waste disposal fees can be reduced.

The positive impact of our efforts has not gone unnoticed as PGB was also invited to share our 4G experience and success stories during the PETRONAS Groups Environmental Community of Practice (COP), which is a testament to the strength of the program.

Further to this, PGB staff also contributed their bit to the environment by organising two mangrove conservation campaigns which involved the replanting of mangrove seedlings at identifi ed areas. This is to ensure the continued preservation of mangrove areas as natural habitats for rare fl ora, fauna and aquatic life species, as well natural safeguards against coastal erosion. The campaigns were held at Kampung Mercang, in Marang, Terengganu on 14 July 2012 and later at Kuala Selangor National Park on 15 December 2012.

As part of our efforts to promote a healthy lifestyle amongst our staff, PGB carried out a Mass Health Screening Program for all PGB permanent staff from March to June 2012. The results were shared with all staff starting December 2012. The analysis of the results will be used to plan health-related programs for 2013.

PGB also embarked on the Fitness to Work (FTW) initiative with a special focus on our Emergency Response Team (ERT) members in 2012. This is to ensure that our ERT members,who are often the fi rst responders during emergencies, are fi t and able to carry out their responsibilities, especially under the stressful conditions of an emergency. Under this program, all ERT members are required to undergo and pass a fi tness assessment test.

CORPORATE RESPONSIBILITY IN THE WORK PLACE

In the Pursuit of High PerformanceIn PGB, we consider our people as our most valued and cherished asset. During the year, we continue to work towards enhancing the skills and capability of our existing talent pool, as well as attracting experienced and motivated professionals from the industry to become part of our family. The combination of these initiatives is expected to enhance PGBs standing as a high-performing organisation.

In 2012, our efforts were focused on integrating succession planning and mobility to channel the energies of our best talents to the most critical business undertakings being carried out by the Company. At the same time, this will ensure the continuity of our operations, thanks to the pipeline of talents groomed to succeed personnel who have been appointed to other positions within PGB.

Also critical to the success of PGB during the year was our internally-developed leadership development efforts. Signature initiatives such as our Building Leadership Programme for our budding leaders have allowed PGB to nurture and grow our tree of leadership and capability. This sustained effort has borne fruit in the form of many capable and talented individuals much sought after within the PETRONAS


Group to fi ll critical positions and lead key projects. Based on the success seen so far, we will continue to nurture this tree not only for PGBs business continuity but also for the benefi t of the rest of the PETRONAS Group,to produce a pipeline of talent who are able to lead the Corporation into its next phase of growth.

Additionally, we have organised a number of programmes aimed at enhancing the hard and soft business skills of our staff, as well as allow leaders to share their tacit knowledge with budding talents in the Group.

Pulling all of this together is our regular internal communication sessions with staff. We continue to hold extensive communication sessions every quarter to give our people an insight into PGBs fi nancial and operational performance in the preceding quarter, as well as to rally them to improve business performance and delivery, moving forward.

People are at the heart of our successWe continue to work hard to inculcate a safety-oriented culture at the workplace in PGB. (above)Constant communications is the key towards ensuring that we reach our business goals. (bottom left)Our leaders invest time and effort to nurture and develop the capability of our young staff. (bottom right)


CORPORATE RESPONSIBILITY IN THE COMMUNITY

Sharing our SuccessWe have always believed that it is our responsibility to try and make a difference in the lives of communities surrounding our extensive operations. Thus, PGBs Corporate Social Responsibility (CSR) programmes have acted as bridge between the Company and the larger community - allowing our employees to assist others through education-based, as well as community welfare initiatives, devoting their time, resources and knowledge towards the betterment of all.

Through our fl agship Program Bakti Pendidikan PETRONAS (PBPP), we reached out to standard, four, fi ve and six students from selected schools from around our operations to help them improve their academic performance in subjects such as Mathematics, English and Science, through tuition classes and Fun Learning activities.

Sharing our successWe place an emphasis on developing upgrading the technical capability of our staff. (above)Constant communication between the management and employees allows us to cascade key messages effectively. (bottom left)Our CSR programmes allow us to form closer bonds with the community. (bottom right)



Throughout 2012, PGB continued to support the programme in four schools namely Sekolah Kebangsaan Santong in Paka, Terengganu; Sekolah Kebangsaan Batu Anam in Segamat, Johor; Sekolah Kebangsaan Pinang Tunggal in Kepala Batas, Pulau Pinang; and Sekolah Kebangsaan Sungai Baging in Kuantan, Pahang.

Since the introduction of this programme in 2006 to date, more than 1,000 students have benefi ted from the tuition classes sponsored by PGB, as well as the Fun Learning sessions conducted by PGBs volunteer-facilitators.

I am pleased to note that during the year, PGB saw the graduation of our fi fth batch of PBPP students. Of the total of 101 students under the programme who sat for the UPSR 2012 Examination, some 71.3% have passed the examination. Of this total, some 13 students scored 5As, 12 students scored 4As and a remaining 12 students received 3As. I am truly delighted with this achievement as its shows that our staffs voluntary efforts to motivate and nurture these young students have paid off handsomely.

In addition to the PBPP, our people have also carried out numerous staff-driven and staff-led CSR activities, aimed at assisting the less fortunate members of our community. In line with our slogan Bakti Dihulur, Kasih Disemai which means Kindness Extended, Affection Nurtured we have reached out to the communities around our operation centres by carrying out CSR activities almost on a weekly basis involving the elderly, the physically challenged, single mothers and orphans throughout the country. Over and above the funds earmarked by the Company towards realising these programmes, our personnel contributed approximately RM150,000 of their own personal donations to sustain this effort.

RECOGNITIONS

Credit for a Job Well DoneDuring the year, PGB clinched a number of awards, attesting to the recognition given by the authorities and regulatory bodies towards various efforts taken to raise safety standards and practices, as well as enhance our operations excellence as a premier gas and utility company.

On the HSE front, PGB won eight awards conferred by the Malaysian Society for Occupational Safety and Health (MSOSH) at the MSOSH Awards for the year 2011:

1 Grand Award won by Plant Operations Division

1 Gold Merit and 3 Gold Class 1 Award won by Transmission Operations Division

1 Gold Merit Award and 1 Gold Class 1 Award won by Centralised Utility Facilities

1 Gold Class 1 Award won by Technical and Facilities Development Division

PGBs Transmission Operations Division also won the 2011 National Occupational, Safety and Health (OSH) Excellence Awards for the Gas Utilities Category.

PGB also sustained its dominance by clinching the Best Annual Report in the Industrial Products and Technology category of the National Annual Corporate Report Award (NACRA) for the third consecutive year, attesting to the high level of disclosure and quality of reporting exhibited in its annual report.

APPRECIATION

A Note of AppreciationOn behalf of the management, I would like to take this opportunity to put on record my sincere appreciation to all our employees who have toiled day and night, at our plants, facilities and project sites throughout Malaysia for their relentless efforts and strong commitment to PGB throughout the year. Their undaunted spirit, patience in the face of adversity and willingness to perform above and beyond the call of duty has allowed this Company to establish a fi rm foundation and progress tremendously over the past three decades.

I would also like to thank our Chairman Yang Berbahagia Datuk Anuar bin Ahmad for his guidance, stewardship and support to PGBs management in dealing with one of the most challenging periods in our Companys history. His guidance and understanding has given us the confi dence to stay the course and ensure that the Company emerges stronger and more robust as we move forward.



The year under review also saw some changes in the composition of our Management Committee, as old faces move on to other growth opportunities, and new faces arrive, bringing fresh insights and ideas that will continue to invigorate our internal pool of creativity as we move forward.

In this vein I would like to thank En Rashid bin Muhamad, Pn Noryati binti Mohd Noor, and Cik Karima binti Mohd Noor, who have taken up other challenges elsewhere within the PETRONAS Group, as well as En Md Nasser bin Abdullah who retired in mid-2012 for their excellent service and contributions towards PGBs growth. I also welcome their successors En Azlimi bin Mohd Lazim, Pn Intan Shafi nas (Tuty) binti Hussain, Pn Aida Aziza binti Mohd Jamaludin and En Wan Mohd Muzani bin Wan Muda respectively.

Further to this, I would like to also express my sincere thanks to our customers, business partners, valued contractors, Federal and State authorities, regulatory bodies and agencies, as well as our parent Company PETRONAS for the immense trust, support and cooperation given through the years. We hope to continue to nurture a mutually benefi cial relationship that will stand the test of time.

My special note of thanks goes to our shareholders who continue to place their trust and confi dence on our counter. We pledge to work harder to return more value to your investment in our Company.

Last but not least, the Company would like to express its immense appreciation to our esteemed Board of Directors whose wisdom and penetrating insights have allowed the management to steer through challenging waters towards our desired destination. We hope to continue to benefi t from their sound counsel as we embrace progress in every aspect of our efforts.

In our relentless pursuit of growth in 2012, we faced challenges and growing pains aplenty. While the year has been truly challenging, I am proud to note that the Company and its people have emerged stronger, wiser and more determined to meet future odds. We recognise that the path to progress is long, winding and hard, and this journey is only at its very beginning. But we are determined to complete what we have initiated and fulfi ll the amanah entrusted upon us with the best of our abilities In Sha Allah.

SAMSUDIN BIN MISKON

Managing Director/Chief Executive Offi cer


Strengthening our foundation and moving forwardOur plants integrity is critical to our business continuity. (above)The development of our RGT in Melaka will allow us to tap into new opportunities for growth. (below left)Our growth into power business extends our presence into a new area of the energy value chain. (below right)


Financial Review 54

Statement of Value Added 60

Performance of Shares 61

Financial Calendar 61

Supporting Progress 62

Powering Progress 64

Progressive Mindset 66

PGB in the News 68

Awards and Achievements 69

Performance Review

Embracing Opportunities


Great opportunities lie ahead for those who are willing to embrace it. At PGB we are ever willing to capitalise on new growth opportunities that will generate greater value for our stakeholders. Our willingness to do things differently to secure this value is the hallmark of our commercial success.

RM3,576.8 million Revenue

RM1,397.1 millionProfi t After Tax

70.4%Dividend Payout Ratio


Overview

PETRONAS Gas Berhad (PGB) Group have changed its fi nancial year end from 31 March to 31 December effective from the previous reporting period in accordance with PETRONAS Groupwide practice to align its fi nancial year to calendar year. To allow comparable review of performance in terms of operations and business activities, PGB Groups fi nancial performance for the year ended 31 December 2012 is compared against the performance of the last 12 months from 1 January 2011 to 31 December 2011 (FY2011) which combines PE2011 and Quarter 4, FY2010/11.

The Group delivered a solid fi nancial performance for the year ended 31 December 2012 (FY2012) on the back of sustainable revenue streams from gas processing and transportation businesses, amidst management focus on growth initiatives.

We recorded profi t after tax of RM1,397.1 million, representing an increase of RM49.7 million or 3.7% from RM1,347.4 million in FY2011.

Revenue

In the year under review the Group recorded revenue of RM3,576.8 million, a reduction by RM79.5 million (2.2%) from RM3,656.3 million recorded in FY2011 primarily due to lower gas

processing revenue (GPR) by RM206.7 million (12.0%) negated by higher sales of utilities by RM86.1 million (10.0%) and gas transportation revenue (GTR) by RM41.1 million (3.8%).

The decrease in GPR by RM206.7 million (12.0%) was mainly contributed by lower performance based structure (PBS) income as a result of lower volume exported for both propane and butane in line with the decrease in production of these liquid by-products by 13.4% and 14.2% respectively. The declined production of these liquid by-products was contributed by composition in the feedgas received from domestic gas fi elds. The impact of lower volume was however cushioned by improved realised prices of propane and butane.

The GPR decrease was offset by an increase in utilities revenue by RM86.1 million (10.0%) from RM860.1 million to RM946.2 million mainly attributable to higher revenue from electricity, steam and industrial gases, driven by higher consumption by customers and full year effect of the upward revision in the utilities prices in line with the increase in fuel gas price effective 1 June 2011. Under the sales and purchase agreements between PGB and its customers, any increase in fuel gas cost will be passed through to the customer via price adjustment.

FINANCIAL RESULTS HIGHLIGHTS FOR FY2012

RM3,576.8 million in RevenueRevenue of RM3,576.8 million for the year is sustained by contribution from Gas Processing and Gas Transportation Segments.

RM1,397.1million in Profi t After TaxProfi t After Tax increased by 3.7% or RM49.7 million after accounting for gains from partial disposal of shareholdings in an associate through IPO.

70.4% Dividend Payout Ratio The Board is recommending a fi nal dividend of 35 sen per share. Including interim dividend of 15 sen per share paid in December 2012, the gross dividend per share for the year is 50 sen.

RM13,462.2million in Total Assets Total Assets of the Groupincreased by RM2,715.7 millionin line with investments inmajor growth projects andrejuvenation and revamp of the existing plants.

Financial Review


During the year, PETRONAS made a higher capacity reservation for the Peninsular Gas Utilisation (PGU) pipeline by 24 mmscfd (1.2%) from 2,048 mmscfd in FY2011 to 2,072 mmscfd in FY2012. This resulted in the increase of GTR by RM41.1 million (3.8%) from RM1,078.3 million recorded in the previous year.

Cost of Revenue

Cost of revenue for the Group decreased by RM99.7 million (5.2%) from RM1,906.5 million in FY2011 to RM1,806.8 million in FY2012. The decrease was mainly due to impairment of certain plant and equipment made in FY2011 amounting to RM90.7 million, lower staff cost by RM50.4 million and lower inventory written off by RM27.2 million. However, this was negated by higher fuel gas cost by RM59.6 million due to the full year effect of the increase in fuel gas price.

Gross Profi t

Gross profi t for the Group in the year under review was higher by RM20.2 million (1.2%) from RM1,749.8 million to RM1,770.0 million.

Gross profi t for gas transportation and utilities segments increased by RM165.2 million (24.5%) and RM16.5 million (11.3%) respectively whilst gas processing segment decreased by RM161.5 million (17.4%).

Other Income and Administrative Expenses

Other income and a

Annual Report 2012

Documents

Transcript of Annual Report 2012