KUALA LUMPUR (March 2): Petronas Gas Bhd (PetGas) said its incentive-based regulation (IBR) tariff for its Peninsular Gas Utilisation (PGU) facility has been adjusted to RM1.128/GJ through 2022, from RM1.129/GJ.

This follows the approval by the Energy Commission for the adjustment, which PetGas said is an annual process under the IBR framework during the three-year Regulatory Period 1 (RP1) from 2020 to 2022.

The adjustment is "to account for additional revenue received in the preceding year as compared to the approved revenue set at the beginning of RP1", it said.

"The adjustment on the PGU IBR Tariff for RP1 will have minimal impact (about RM1.2 million) on the group's gas transportation business revenue.

"PetGas expects the gas transportation business to continue to contribute positively to the group's revenue in 2022 under the revenue-cap mechanism of the IBR," it said.

PetGas also operates two other gas infrastructure assets with third-party access, namely the LNG Regasification Terminal Sungai Udang and the Regasification Terminal Pengerang.

Earlier on Feb 24, another gas infrastructure operator, Gas Malaysia Bhd, told Bursa Malaysia that the distribution tariff for users of its Natural Gas Distribution System facility had been maintained at RM1.715/GJ through 2022.

Shares of PetGas rose 12 sen or 0.7% to RM17.32, giving it a market capitalisation of RM34.27 billion.