asian gas hub

Upload: rguy

Post on 03-Jun-2018

216 views

Category:

Documents


0 download

TRANSCRIPT

  • 8/12/2019 Asian Gas Hub

    1/86

    ARTNER COUNTRY SERIES

    Developinga Natural Gas

    Trading Hubin Asia

    Obstacles andOpportunities

  • 8/12/2019 Asian Gas Hub

    2/86

    PARTNER COUNTRY SERIES

    Developinga Natural Gas

    Trading Hubin Asia

    Obstacles andOpportunities

    Warner ten Kate

    Lszlo Varr, Anne-Sophie Corbeau

  • 8/12/2019 Asian Gas Hub

    3/86

  • 8/12/2019 Asian Gas Hub

    4/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01,

    1*4$"%87%(,"(,0

    579(%:$"2)";"(,0

  • 8/12/2019 Asian Gas Hub

    5/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01U

    FEG.9.835MD06L005C.2M069N::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::@U

    (9=>4M6>6=09A960CN::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::@U

    J%(7$-0'%(M7H'79"(%."))N5>5.5.672.8/.90I4=.5/0::::::::::::::::::::::::::::::::::::::,X

    S')-."GGTQ=3??02.5B;35.543.8?.26A.463J36A>56=09?>6.5B;767209C.2M06::::::::::::::::::::::::::,K

    S')-."GIT-2>B746962.B0B_>56=0472J0`:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::U+

    S')-."GLTT.2M06B0J08>?C056[4>562.46B72.63>5.5BC.2M06C.67236A:::::::::::::::::::::::::::::::::::UU

    S')-."G=TQ.80>;;80I3D3836A902J34096=2>7/=J3267.8=7D935#72>?0:::::::::::::::::::::::::::::::::::::::::::UH

    S')-."GAT-2340B0J08>?C056356=0(68.5634^.935[)**,+):::::::::::::::::::::::::::::::::::::::::::::::::::::::U@S')-."GOTF>5/ .5B9=>26602C4>562.460BFEG356=0L>28B.5B(93.-.43;34[)**@++:::::::::::SU

    S')-."GCTQ=>26602C4>562.460BFEG356=0L>28B.5B(93.-.43;34[)**@++::::::::::::::::::::::::::::SH

    S')-."GUTF>5/602C4>562.460BFEGB083J020BV"^>2%#Q35)*++:::::::::::::::::::::::::::::::::::::::::::SK

    S')-."IF

    T$>59627463>5

    4>969

    ;>2

    J.23>79

    FEG

    ?2>a0469

    ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    @,

    R'0,%8,*4$"0

    1*4$"DTFEG9?>64.2/>09B083J020B35Y.?.5[Z>20..5B$=350908J0B

    35

    5.672.8

    /.9

    =7D

    B0J08>?C056

    :::::::::::::::::::::::::::::::::::::::::::::::::::

    U*

    V%?GT20.T.2M02::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::S@

  • 8/12/2019 Asian Gas Hub

    6/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./012

    578(%9$"2)":"(,0

    340.5647879 64:; 80? >:@0 67 64.A@.>> 640B7A68:C5678;.A? 80D:0=08; 978640:8 :A5.C>0

    B7EE0A6;

    .A?

    900?C.B@

    =080

    80B0:D0?

    987E

    =:64:A

    640

    'A608A.6:7A.> #A08/I (/0ABI J'#(KH .A? 987E . 79 0L608A.> :A?5;68I 80D:0=08;F 'A 64.6

    80/.8?H'79908;64.A@;6734:M;D.AN:6608;5EHO.80>D.A?08P:A/0AH$7>:API>0HQ5>:0Q:.A/H

    Q7A.64.AG:A67AH.A?%75/R77? 978640:8B.8095>80D:0=.A?B4.>>0A/:A/B7EE0A6; 64.64.D0

    B7A;:?08.C>I:E:6I7964:;.A?-7=08

    %:D:;:7A JX$-K '=75>? >:@0 67 64.A@ PT;U>7 V.88WHN0.? 79 640X.;H $7.> .A? -7=08Y.8@06;

    %:D:;:7AH 9784:;D.>5.C>0.?D:B0H5A80>0A6:A/;50L.A?08

    (A67AI5@

    978

    8:/7875;>I

    .66.B@:A/EI.;;5E0D.A6FZ:A.>>IHA764:A/=75>?4.D0

    B7E067/06408:9A76978640:A;/.;60.E>0.?08;4:

  • 8/12/2019 Asian Gas Hub

    7/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01S

    >?"7-,'#"0-;;*.@

    E.672.8 /.9 =.9 6=0 ?>60563.8 6> 3C?2>J0 0502/A 9047236A .5B 04>5>C34 .5B 05J32>5C056.8

    ?02;>2C.540356=0(93.5-.43;3404>5>C309:W>L0J020I?.5B35/3692>80L388B0?05B>520/3>5.8

    C.2M064>5B363>59

    6=.6

    .88>L

    /.9

    6>

    4>C?060

    .76>5>C>798A

    35

    0502/A

    C.2M069

    L=34=

    .20

    6=0C908J09

    4>550460B 6> /8>D.8 0502/AC.2M069: 80 >; /.9 35 (93.L388 B0?05B >5L=06=02

    5.672.8/.9?23435/39630BC>2048>908AL36=97??8A.5BB0C.5B;75B.C056.89356=020/3>5:

    L35//.9C.2M06L>28BL3B0[.5B 390I?0460B 6>

    D04>C06=0904>5B8.2/096DA)*+H[L36=@K*D3883>547D34C06209\D4C]>;5.672.8/.9B0C.5B:

    25.672.8/.935(93.39B>C35.60BDA8>5/602C4>562.46935L=34=6=0?2340>;/.939

    835M0B[ >2 35B0I0B[ 6> 6=.6 >; >38: %0J08>?35/ 4>7562309C3/=6 20P7320 8>5/602C 4>562.469 6>

    059720 9047236A>; 97??8A ;>2 6=032 ;.96/2>L35/04>5>C309[ .5B?2>B74029L388 8>>M 6> 904720

    206725>56=0324>593B02.D8035;2.96274672035J096C0569:

    '5204056A0.29[6=39=.9=08?0BM00?(93.5/.9?23409C74==3/=026=.56=>90 35>6=02?.269>;

    6=0

    L>28B[

    80.B35/

    6>

    4>C?06363J05099

    4>540259

    .5B

    9023>79

    P70963>59

    .D>76

    L=06=02

    974=

    .

    9A960C4.58.96:'5>2B026>0I?.5B369C.2M069=.20[5.672.8/.9=.96>D04>C?06363J0L36=356=0

    0502/AC3I>;6=020/3>5>24>7562AL=020 36 39B083J020B: '5(93.[=>L0J02[47220564>5962.3569

    35487B06=020/3>5c9 8.4M>;D>6=.62.B35/=7D6>;.43836.606=00I4=.5/0>;5.672.8/.9[.5B6=0

    B0J08>?C056>;.62.59?.2056?234093/5.86>9600235J096C0569355.672.8/.935;2.9627467209:

    5;3B0540 356=080/363C.4A.5B62.59?.2054A>;5.672.8/.9?23435//0502.60B>5.5.672.8

    /.9=7D 3942743.8 ;>2 35J096C056B04393>59 35 974=.4.?36.83560593J0 35B7962A:5;3B0540

    4.5D0B023J0B6>.8.2/00I6056;2>C6=0359636763>5.8.5B96274672.820P7320C0569?76356>?8.40[

    D76 7863C.608A 36 8309 35 6=0 8>5/602C 209>8J0 >; />J025C056 6> .88>LC.2M069 6> B0602C350

    5.672.8/.9?23409L36=C353C.835602;020540;2>C9=>26602C?>83634.84>593B02.63>59:

    9744099;788AB0J08>?. 2083.D805.672.8/.9?2340 35 6=0(93.5-.43;34 20/3>5L>78B 20P7320.

    4>C?06363J05.63>5.8&20/3>5.8C.2M06[L=34=L>78B6=05500B6>C006.906>; 359636763>5.8.5B

    96274672.8 20P7320C0569 6> 420.60 6=0C.2M06 4>5;3B0540 6> .662.46 50L ?.26343?.569 \5.C08A

    ;35.543.89] .5B 6> 054>72./0C.2M06 ?8.A029 6> 790 . 62.B35/ =7D ;>2 6=0 D.8.5435/ >; 6=032

    ?>26;>83>9:

    (_=.5B9>;;`/>J025C056.??2>.4= 39504099.2A:78B 35J>8J090?.2.635/62.59?>26 ;2>C

    4>CC0243.8.463J36309[?2340B020/78.63>5.66=0L=>809.80 80J08[97;;343056506L>2M4.?.436A.5B

    5>5B39423C35.6>2A.44099[.5B.4>C?06363J057CD02>;C.2M06?.26343?.569L36=6=035J>8J0C056

    >;;35.543.8359636763>59:

    -2>9?0469 ;>2.4>C?06363J0L=>809.805.672.8/.9C.2M06 35(93..20 83C360B:#J05 356=0C>96

    C.6720 (93.-.43;34 C.2M069[ 6=0 D.934 20P7320C0569 ;>2 . L=>809.80 C.2M06 .20 C39935/[ .9

    />J025C05694>563570

    6>

    0C?=.9390

    9047236A

    >Da0463J09

    >J02

    04>5>C34

    >509:

    ";

    6=0

    (93.

    -.43;34

    04>5>C309 20J30L0B 35 6=39 ?.?02[ Q35/.?>20 900C9 6=0 4.5B3B.60 D096 97360B 6> B0J08>? .

    4>C?06363J05.672.8/.9C.2M06.5B62.B35/=7D356=0C0B37C602C:

    (753P704=.2.460239634>;6=05.672.8/.962.B035(93.-.43;34396=083C360B.C>756>;5.672.8/.9

    6=.63962.B0BJ3.?3?083509[.5B6=020/3>5c9/2>L35/B0?05B0540>56=0/8>D.883P70;30B5.672.8

    /.9\FEG]97??8A4=.35:D.8FEGC.2M06=.9D04>C0B043B0B8AC>209=>26602C>230560B

    .5B ;80I3D80 >J02 6=0 ?.96 B04.B0d . 209786 >; 6=0 0I?.593>5 >; /8>D.8 FEG ?2>B7463>5[ 6=0

    0C02/0540>;/8>D.8?>26;>83>?8.A029.5B05=.540B4>C?06363>5356=0(68.5634^.935:

    (5BA066=090(68.5634^.935B0J08>?C0569=.J0=.B.83C360B3C?.46>597??8A;80I3D3836A356=0

    (93.-.43;3420/3>5:(4>C?06363J05.672.8/.9C.2M06 35(93.L>78B500B.50J05C>20;80I3D80

    FEG97??8A

    6=.5

    3947220568A

    35

    ?8.40:

    563570B

    0I?.593>5

    >;

    9=3??35/

  • 8/12/2019 Asian Gas Hub

    8/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01@

    .J.38.D3836A .5B 6=32B?.26A .44099 \ 20/.93;34.63>5 602C35.89 35 6=0 (93.-.43;34 20/3>5:

    V726=02C>20[36L>78B35J>8J0208.I35/B09635.63>548.790935FEG97??8A4>562.4696=.6.88>L;>2

    C.2M0690/C056.63>5.5B963;;056=0>J02.8897??8A4=.35:(5A974=C>B3;34.63>5>;6=04>562.46

    962746720C796?2>?028A354>2?>2.60.9?04696=.6?20902J035J096C0569047236A:

    '56=0

    (93.

    -.43;34

    20/3>5[

    4>C?06363J0

    5.672.8

    /.9

    C.2M069

    .5B

    .2083.D80

    /.9

    ?2340

    L388

    5>6

    B0J08>?>J0253/=6[.5BL3885>6504099.238A 80.B6> 8>L02?23409:W>L0J02[974=.B0J08>?C056

    L388.88>LC.2M06?8.A029 35(93.-.43;3404>5>C3096> 35420.90?>26;>83>;80I3D3836A.95.672.8/.9

    C.2M069356=3920/3>54>5635706>C.6720:

    G>J025C0569 356=020/3>5L388500B6>93/5.86=032L38835/50996> ;.43836.604>C?06363>5;726=02

    B>L59620.C:Q35/.?>20.50;;>2696>B0J08>?.4>C?06363J05.672.8/.9C.2M06.5B4>C?80C056.2A

    62.B35/=7DC3/=6D04>593B020B9C.88 208.63J06>6=093e0>;6=0056320(93.-.43;345.672.8/.9

    C.2M06:W>L0J02[ 6=0 0I.C?80 >; .5 .86025.63J0C.2M06C>B08L=34= 39 .D80 6> .B.?6 /8>D.8

    97??8A4=.5/096>6=020/3>5.8C.2M06L>78BD0.?>L02;78>50:

  • 8/12/2019 Asian Gas Hub

    9/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01X

    B(,.%2-7,'%(

    G8>D.85.672.8/.9B0C.5B390I?0460B6>4>5635706>/2>L2.?3B8A[>76?02;>2C35/.88>6=02;>9938

    ;7089:G8>D.8B0C.5B 39 ;70880BDA 6=004>5>C34 /2>L6=>;0C02/35/04>5>C309 \.3B0BDA .32

    P7.836A4>540259][

    5>6.D8A

    $=35.[

    .5B

    6>

    .809902

    0I6056

    '5B3.:

    '5

    6=0

    9=>26

    6>

    C0B37C

    602C[

    20/3>5.8/.9B0C.5B39.89>D>>960BDA6=0.;602C.6=>;6=0V7M79=3C.%.334=357480.2.443B056[

    .9 /.9 39>50 >; 6=0 M0A .J.38.D80 0502/A 9>72409 6> 20?8.4057480.2?>L02 /0502.63>5 35 6=0

    Y.?.50900804623436AC3I:

    '5 204056 A0.29[ 93/53;34.56 20J393>59 35 /8>D.8 5.672.8 /.9 209>7240 0963C.609 =.J0 .880J3.60B

    4>540259 .D>76 6=0 8>5/602C .J.38.D3836A >; 5.672.8 /.9 35 D>6= B0J08>?0B .5B B0J08>?35/

    04>5>C309:(9. 209786>; 6=00I?>50563.8/2>L6=>;f5360BQ6.609c 9=.80/.9?2>B7463>5[50L

    /8>D.8FEG 83P70;.463>54.?.436A.5B6=0 3C?.46>; 8>L02B0C.5BB706>6=004>5>C34423939[.

    /.?0C02/0B35)**KD06L0059?>6?23409\6=0?23409.6L=34=6=0/.94.5D0D>7/=6>29>8B.6.

    9?043;30B63C0.5B?8.40]356=0f5360BQ6.609.5Bf5360BZ35/B>C>56=0>5093B0[.5B>38835M0B

    /.9?23409?20J.3835/35(93.-.43;34+.5B#72>?0[>56=0>6=02:

    (9>;)*+)[5.672.8/.9?23409 356=0f5360BQ6.60920C.350B.6 8>L 80J089>;.2>75BfQ%,?02

    C3883>5^23639=6=02C.875369\T^67]g#72>?0.59?>6?23409[.8D0366=2006>;>7263C09=3/=026=.5

    6=>90 35 6=0f5360BQ6.609[.2096388.6.B394>756 6>#72>?0.5 8>5/602C4>562.46?23409[L=380

    ?23409 35 Y.?.5?0.M0B .6 . 80J08 4>593B02.D8A=3/=02 6=.5 6=>90 35#72>?0:5[D>6=35#72>?0.5B(93.[>;6=0.??2>?23.60L.A6>?23405.672.8/.9:

    ?0.5f53>5=.99>7/=66>.59L026=39P70963>56=2>7/=6=0B0J08>?C056>;.86025.63J0

    ?23435/C04=.539C9J3./.96>/.9?23435/>5/.962.B35/=7D9:#72>?0=.9.83P73B62.B35/=7D35

    6=0f5360B Z35/B>C[ 6=0E.63>5.8 ^.8.5435/ ->356 \E^-][ .5BC>20 2040568A B0J08>?0B 9>C0

    62.B35/=7D9 35 4>5635056.8#72>?0[5>6.D8A 6=0?C0569=.J06.M05?8.40

    356=0

    (93.

    -.43;34

    04>5>C309

    9>

    ;.2:

    (M0A4=.5/0 ;>2C.5A 35B3J3B7.85.672.8/.9C.2M069 35(93.-.43;34 396=0/2>L35/2083.540>5

    3C?>269[ 35?.263478.2[FEG 3C?>269:(93B0 ;2>C Y.?.5[ 6=0O0?7D834>;Z>20..5B$=350902635/FEG39.208.63J08A50L?=05>C05>5;>2(93.54>7562309R'5B3.96.260B35)**H[$=35.35

    )**S[ 25.672.8/.9.200I?8.350B.5B472205620/3>5.8

    +(93.-.43;34 35 6=39 '5;>2C.63>5-.?02 39B0;350B.9E>5"#$%(93.[$=35. 35487B35/ 6=0W>5/Z>5/ .20.[ .5B"#$%(93.

    "40.53.C3579

    '92.08:

    (8?=.D0634.88A[

    6=090

    .20

    .9

    ;>88>L9R

    (7962.83.[

    ^.5/8.B09=[

    ^27503

    %.2799.8.C[

    $=35090

    5093.[Y.?.5[Z>20.[T.8.A93.[TA.5C.2[E0Lh0.8.5B[-.M396.5[$=35.[6=0-=383??3509[6=02`:

  • 8/12/2019 Asian Gas Hub

    10/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01K

    6205B9.20906 35./8>D.8?029?0463J0:768>>M;>26=05.672.8/.9C.2M06 356=0(93.-.43;34

    20/3>5 39 B3947990B 35$=.?602): '5$=.?602,[ 6=0 ?2>4099>;B0J08>?35/ . 62.B35/=7D .5B .

    62.59?.20565.672.8/.9?234039906>76:420.60

    .4>C?06363J0L=>809.805.672.8/.9C.2M06[6=097D90P70562>80>;.=7D35974=.4>C?06363J0

    C.2M06[ .5B 6=0 209?0463J0 2>809 ;>2 />J025C056 .5BC.2M06?.26309 35 974= . 62.59;>2C.63J0

    ?2>4099:V35.88A[

    $=.?602

    U.5.8A909

    6=0

    ?029?0463J09

    ;>2

    9080460B

    5.672.8

    /.9

    C.2M069

    35

    (93.

    .5B

    6=0/8>D.8FEG97??8A4=.356>420.60.5B97??>26.4>C?06363J05.672.8/.9C.2M06:

  • 8/12/2019 Asian Gas Hub

    11/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01+*

    D.B8A9?0.M35/[6=020.206L>L.A96>096.D839=.L=>809.80?2340 80J08;>25.672.8/.9R036=02

    J3.C.2M06D.90B?23435/>26=2>7/=?234020/78.63>5:

    ; 5.672.8 /.9 39 B0602C350B DA 97??8AB0C.5B

    ;>2409 35.C.2M066=.6 395>6504099.238A6=05.672.8/.9C.2M06: '5 ;.46[ 35B0I.63>56>.5>6=02

    4>CC>B36A\>38[4>.8[>38?2>B7469>20804623436A]L388.88>L97??8A&B0C.5B;.46>2935>6=02C.2M069

    6> 906 6=0L=>809.80 ?2340 >; 5.672.8 /.9: 809.80 ?2340 >; 5.672.8 /.9 J.2309 DA

    4>562.46[935404>562.464>5B363>594.5906.;8>>2[4.?[63C08./>25>50&.88>;6=0.D>J0;>26=0

    ?2340>;5.672.8/.9;>2.?023>B>;B083J02A:T>963C?>26.56[=>L0J02[35?23435/6=0_04>5>C34`

    L.A 39 6=.6 6=0 ?2340 B0J08>?C056 >; 5.672.8 /.9 >J02 63C0 39 D035/ B0602C350B DA C.2M06

    ?.26343?.5692.6=026=.5/>J025C05620/78.63>5:)

    2C.2M06D.90B?23435/C04=.539C9[4>J0235/"#$%.5B5>5"#$%C.2M069\'Gf[)*+)]:56>9?>6?234096=.620;804697??8A.5BB0C.5B

    ;>25.672.8/.935.C.2M06g.5B

    (",4*798.%;8'(*$&.%2-7,[L=34=20;029C>968A6>4>562.469L=0206=0/.9?234039835M0B6>

    6=0?2340>;.CC>53.:,

    G>J025C05620/78.63>539.D806>9065.672.8/.9?23409\?234020/78.63>539?>993D80.60J02A80J08

    >;

    6=0

    5.672.8

    /.9

    J.870

    4=.35R

    L088=0.B[

    L=>809.80[

    436A

    /.60

    >2

    B3;;020563.635/

    D06L005

    J.23>79

    90/C0569>;4>597C029].6.80J0820P7320B6>97366=0/>J025C056c9B>C09634?>834A>Da0463J09:

    '5=020568A[?234020/78.63>5>;5.672.8/.96>C006B09320B?>83634.8[9>43.8[04>5>C34>205J32>5C056.8

    >764>C09L388 80.B6> 809962.59?.2056?234093/5.89.5B.57596.D80 35J096C056483C.60 ;>26=0

    ;76720[.9/>J025C056?>834A>Da0463J094.5\0.938A]4=.5/0:

    V20P70568A[ D76 5>6 504099.238A[ /.9 ?2340 20/78.63>5L388 80.B 6>D08>L4>96 ?23409 ;>2 4026.35

    90/C0569>;4>597C029:96 83M08A6>>4472 355.672.8/.9?2>B7435/4>7562309: '5974=

    4.909[ 36 39J02AB3;;34786\3;5>675B0932.D80;>2.20/78.6>2]6>20/78.60?2340 80J0896>.4472.608A

    20;8046/.9c9J.87035.5.63>5.804>5>CA:263>59

    356=079./0>;5.672.8/.9[L=34=83C360;;34305604>5>C34B0J08>?C056:(480.24>590P70540>;

    D08>LC.2M06?23435/>;5.672.8/.9 396=0 350;;343056790>;6=0209>7240:60563.88A 83C369

    0I?>2620J05709

    \6=2>7/=

    35420.90B

    B>C09634

    B0C.5B]

    ;>2

    .?2>B7402

    4>7562Ag

    >2[

    364>78B

    35420.90

    3C?>260I?05B367209;>2.4>597C024>7562A6=2>7/==3/=02B>C09634B0C.5B:

    80[D766=0?234080J086=.6L388B023J0

    ;2>C6=09020/78.63>59395>6.90.938AB0602C350B.96=2>7/=B32046?234020/78.63>5:,E06D.4M?23435/>;5.672.8/.9>;.;35.8?2>B746\974=.9.CC>53.]39?02=.?96=0C>96962.3/=6;>2L.2BL.A6>4>7?80?2340

    B0J08>?C0569>;5.672.8/.96>?2340B0J08>?C056935.5>6=02C.2M06[D764>C?80608AB3920/.2B9B0J08>?C0569356=05.672.8

    /.9C.2M0636908;:969>;5.672.8/.9\;00B96>4M]20?209056.4>593B02.D809=.20>;6=04>96

    >;6=0

    05B

    ?2>B746[

    6=020DA

    /7.2.560035/

    .?2>;36

    C.2/35

    >5

    6=0

    9.80

    >;

    6=0

    05B

    ?2>B746:

    (86025.63J08A[

    6=0

    506D.4M

    .??2>.4=

    4.5D0790B6>B0602C3506=0?234080J08D0;>2035B0I35/366>>6=02?2>B7469:

  • 8/12/2019 Asian Gas Hub

    12/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01++

    Q")-$*,'%(7%0,%80".#'7" \O$Q]4>J029 6=0?2340>;902J340[ 35487B35/ 35J096C056.5B. ;.32

    206725:Q74=?23409L>78BD0?7D839=0BDA6=020/78.6>2>2C353962A.5B.3C.6204>J0235/6=0

    L088=0.B?2340:

    Y%7'*$*(2&%$','7*$.")-$*,'%(\Q-O][L=020DA6=0?234039906DAC353962309>5.5.B=>4D.939

    B0?05B35/

    >5

    ?02403J0B

    9>43.8

    500B9[

    97??8A&B0C.5B

    D.8.540

    >2

    />J025C056

    20J0570

    500B9:

    2B0420.90]J02A9=.2?8A[ 35B0?05B0568A>;.5A

    9?043;34B0J08>?C056356=0/.9C.2M06:

    Q")-$*,'%( 4"$%: 7%0, \O^$][ L=020 6=0 ?2340 B>09 5>6 4>J02 6=0 D.934 ?2>B7463>5 .5B

    62.59C3993>5?2340[20;804635/97D93B309:58AL=056=0/.94>C?.5A39

    96.60>L50B[.5B39C>2083M08AL=055.672.8/.939.99>43.60BL36=>38?2>B7463>56=.6?2>J3B09

    6=0D78M>;6=0/>J025C056c920J05709\350;;046>38?2>J3B09.97D93BA>5/.94>597C?63>5]:

    V'$*,".*$;%(%&%$@\^T][20;02235/C>968A6>D38.602.8./200C0569L36=35;>2C02Q>J306f53>5

    4>7562309[L=020?23409.20./200B>5.A0.28A&C7863A0.2D.939D06L0056=0/>J025C0569>;

    6L>4>7562309:

    +%&.'7"\E-][>44.93>5.88A790BDA?2>B74029;>2356025.84>597C?63>5:

    479>5 6=0?029?0463J09 ;>2C.2M06D.90B?2340 ;>2C.63>5 35 6=0(93.-.43;34

    20/3>5g36396=020;>202080J.566>4>C?.206=09=.20>;C.2M06D.90B?2340;>2C.63>5L36=6=.6>;

    >6=02 20/3>59:O090.24=DA 6=0 'Gf=.99=>L5 6=.6 6=2>7/=6=0?023>B)**H+*[/8>D.85.672.8

    /.9?23435/L.9983/=68AB>C35.60BDAC.2M06D.90B/.9?23409:'5)*+*[6=0?234080J08>;S,j>;

    .88L=>809.805.672.8/.99>8B/8>D.88AL.9B0602C350BDAC.2M06;>2409:C35.569=.20;>2

    C.2M06D.90B?2340;>2C.63>539?23C.238A6=0209786>;6=0B>C35.540>;/.96>/.9?23435/356=0

    E>26=(C0234.55.672.8/.9C.2M06[L=34=4>C?2390B)Hj>;/8>D.8/.9B0C.5B35)*+*:

    S')-."DkE.'7"8%.;*,'%(%8(*,-.*$)*07%(0-;&,'%('(,H":%.$2*(250'*E*7'8'7PGFF=DF

    Q>72409R'Gf[)**Sg'Gf[)**Xg'Gf[)*+*g'Gf)*+):

    '5 >6=02 C.2M069[ C>96 5>6.D8A 6=0 T3BB80 #.96[ (;234. .5B 6=0 V>2C02 Q>J306 f53>5

    \VQf][ ?2340 ;>2C.63>5 L.9 B>C35.60B DA 20/78.6>2A ?20;0205409 6=2>7/=>76 )**H+*:

    *

    H**

    +***

    +H**

    )***

    )H**

    ,***

    ,H**

    )**H )**@ )**K )*+* )**H )**@ )**K )*+*

    l>28B (93.-.43;34

    D4C

    T.2M06 O0/78.60B

    ==Z

    AIZAFZ==Z

    =GZ=FZ=IZ=DZ

  • 8/12/2019 Asian Gas Hub

    13/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01+)

    '5 6=0 (93.5-.43;34 20/3>5 />J025C056 20/78.63>59 6> . 8.2/0 0I6056 4>563570 6> B0602C350

    5.672.8/.9?23409:U

    G8>D.88A[C.2M06D.90B?23435/C04=.539C9.20D.90B>5>3835B0I.63>5>2/.96>/.94>C?06363>5:

    C;35.8?2>B746`?2340C04=.539C39790B;>280996=.5+j>;/8>D.8/.94>597C?63>5[

    .5B395>6

    790B

    35

    3560220/3>5.8

    5.672.8

    /.9

    62.B0:

    -.26343?.63>5

    DA

    C.2M06

    ?.26309

    35

    356025.63>5.8

    /.9 62.B0 \036=02 DA ?3?08350 >2 FEG] 0I?>909 C.2M06 .20.9 6> B3;;02056 ?2340 4>540?69 .5B

    93/5.89: 6= 4>597C029 .5B ?2>B74029 .5 3540563J0 6> .B.?6 ?2340C04=.539C9 35

    209?>5906>?20997206>.83/5B>C09634?23409L36=3C?>26?23409\'Gf[)*+)]:

    "J026=0?023>B)**H+*[6=0/8>D.862.B0>;5.672.8/.9[D>6=62.59?>260BDA?3?0.5BFEG[L.9

    ?20B>C35.568A?2340B>5 6=0D.939>;>38 35B0I.63>5:(86=>7/=>38 35B0I.63>5=.9 4>563570B 6>

    B048350.9.?23435/C04=.539C355.672.8/.962.B0[6=0?2340>;SHj>;/8>D.8/.962.B035)*+*

    L.99638835B0I0B6>>38:

    S')-."GkE.'7'();"7H*('0;0'()$%4*$(*,-.*$)*0,.*2"PGFF=DF

    Q>72409R'Gf[)**Sg'Gf[)**Xg'Gf[)*+*g'Gf[)*+):

    '5#72>?0.5B(93.-.43;34\.5B35B00B[/8>D.88A][>3835B0I.63>5396=0B>C35.56?2340C04=.539C

    ;>262.B0B/.9[.86=>7/=#72>?04>56357096>9=3;66>L.2B9C>20/.96>/.9D.90B?23409:m06.88

    E>26=(C0234.5/.939?2340B>5./.96>/.9D.939[.5B35)*+*E>26=(C0234.4>C?2390B+Uj>;

    /8>D.8 5.672.8 /.9 62.B0: #72>?0.5 C.2M069 .20 .89> C>J35/ 35 6=39 B320463>5[ >L35/ 6> .4>563570B35420.903562.B06=2>7/=4>5635056.8#72>?0.5/.9=7D9[.9C.2M064>5;3B0540356=0

    ?2340906635/ .D3836A >; 6=090 =7D9 =.9 35420.90B: T>20>J02[ 6=0 #72>?0.5 8>5/602C 97??8A

    4>562.469 \;2>CO7993.[E>2L.A .5B 6=0E06=028.5B9] .20D035/ .Ba7960B 6> 35B0I?.26>; 6=0

    J>87C0>5/.96>/.94>C?06363>52.6=026=.5>38\$#O([)**KD]:

    5.88A[5.672.8/.962.B035(93.=.9D005B>C35.60BDA>3835B0I0B?23435/[L36=.9=.20>;

    XXj >; 5.672.8 /.9 62.B0B 35 6=0 20/3>5 35 )*+*:E> 93/53;34.56 4=.5/09 35 6=39 6205B 4.5 D0

    >D902J0B6=2>7/=>76)**H+*:

    U '5 6=0 'Gfc9!"#$%&'$%('& )*+,% -#*.'/+#0[ 6=0 (93.-.43;34 20/3>5 4>593969 >; 6=0 4>CD350B 'Gf (93. .5B (93.-.43;34

    20/3>59054>C?.9935/R

    (;/=.5396.5[

    (7962.83.[

    ^.5/8.B09=[

    ^27503[

    $=35.

    W>5/

    Z>5/

    20/3>5[

    $=35090

    5093.[

    Y.?.5[TA.5C.2[T.8.A93.[E0Lh0.8.5B[-.M396.5[$=35.[6=0-=383??3509[Q35/.?>20[Z>20.[28B (93.-.43;34

    D4C

    G.96>/.94>C?06363>5 "3835B0I.63>5

    O=Z

    A=Z

    AUZACZ

    CCZCCZCLZU=Z

  • 8/12/2019 Asian Gas Hub

    14/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01+,

    S')-."Ik[*.9",4*0"2&.'7'()'()*0,.*2"'(+%.,H5;".'7*P>-.%&"*(250'*E*7'8'7

    Q>72409R'Gf[)**Sg'Gf[)**Xg'Gf[)*+*g'Gf[)*+):

    E.'7'()(*,-.*$)*0'(50'*E*7'8'7

    '5)*+*[a796>J02=.8;\H)j]>;6=05.672.8/.94>597C0B356=0(93.-.43;3420/3>5L.9?2340B>5

    C.2M06D.90B ?2340 ;>2C.63>5C04=.539C9: 236A \S@j] >; 6=39C.2M06D.90B /.9L.9

    3C?>260B\?3?083509>2FEG][L=380,,jL.9B>C09634.88A?2>B740B:

    E.672.8/.962.B035(93.-.43;3439?2340B6=2>7/=036=02>3835B0I.63>5>2/.96>/.94>C?06363>5:

    (88?3?0835062.B0BJ>87C09>;/.9.20?2340BL36=.835M6>6=0>38C.2M06[L=3809>C0/.96>/.9

    4>C?06363>5=.996.260B6>0C02/035FEG62.B35/35(93.\V3/720U]:

    S')-."Lk50'*E*7'8'7&.'7'();"7H*('0;08%.(*,-.*$)*0,.*2"W&'&"$'("*(2R+/X

    Q>72409R'Gf[)**Sg'Gf[)**Xg'Gf[)*+*g'Gf[)*+):

    T>96/.9

    6>

    /.9

    4>C?06363>5

    ?23435/

    35

    (93.

    -.43;34

    39FEG

    9?>6

    62.B0:

    W>L0J02[

    >50

    4.5

    .2/70

    6=.66=0?2340;>29?>64.2/>09 356=0/8>D.8FEGC.2M06 395>6504099.238A9066=2>7/=/057350

    *

    +**

    )**

    ,**

    U**

    H**

    S**

    )**H )**@ )**K )*+* )**H )**@ )**K )*+* )**H )**@ )**K )*+*

    E>26=(C0234. #72>?0 (93.-.43;34

    D4C

    G.96>/.94>C?06363>5 "3835B0I.63>5

    ULZ

    OOZ

    CLZ

    AOZ

    CCZCCZCLZ

    U=Z

    *

    )*

    U*

    S*

    X*

    +**

    +)*

    +U*

    +S*

    +X*

    )**

    )**H )**@ )**K )*+* )**H )**@ )**K )*+*

    -3?08350 FEG

    D4C

    G.96>/.94>C?06363>5 "3835B0I.63>5

    CAZCOZCDZ

    U=Z

  • 8/12/2019 Asian Gas Hub

    15/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01+U

    /.96>/.94>C?06363>5[.9@*j>;/8>D.8FEG3C?>26935)*+*L020>3835B0I0B:'5.BB363>5[>58A.

    83C360B.C>756 \+Xj]>;FEG 39B083J020B 35C.2M069L36=./0573504>C?06363J0L=>809.80/.9

    C.2M06 \%121 356=0f5360BZ35/B>C.5B6=0f5360BQ6.609].5B?2340B.6. 80J08B0602C350BDA

    97??8A&B0C.5B;.46>29:

    2

    9?>6

    62.B0B

    FEG

    35

    (93.

    395>6

    D.90B

    >5

    97??8A&B0C.5B

    35

    6=0

    (93.

    -.43;3420/3>5:'5960.B[6=0>3835B0I0B/.9?23409069.20;020540?234080J08L=34=C.2M064>5B363>59

    6=05C>B3;A:90C.2M064>5B363>59.20B0602C350BDA6=0208.63>59=3?D06L005.D7A02.5B.

    908802[6=0.J.38.D3836A>;972?879/.9 356=0FEG97??8A4=.35[.5B6=0D7A02c9500B ;>26=0/.9:

    5B363>599=3;66=0FEG9?>6?2340.D>J0>2D08>L6=0>3835B0I0B80J08:

    '56=3920/.2B[6=0FEG9?>6?234035(93.395>6>506=.63920.8390B6=2>7/=C.2M064>C?06363>535

    6=0(5/8>(C0234.5 90590:(9(93.=.95> 62.B35/=7D 6> ;.43836.60/.96>/.94>C?06363>5[ 6=0

    602C_9?>6?724=.90`93/53;3096=0?724=.90>;.935/804.2/>6=.64.5J.2A3593e0[.5B6=.6L388D0

    _83;60B` 35.208.63J08A9=>2663C0;2.C0[797.88A 80996=.5>50A0.2 356=0;76720:Hl=380 35E>26=

    (C0234.6=020.205>>3835B0I0BJ>87C096=.635;8705406=09?>6C.2M06:

    ;

    .5

    FEG

    9?>6

    4.2/>

    39

    ;20P70568A

    50/>63.60B

    L36=>76

    20;020540

    6>

    >6=02

    9>72409

    >;

    5.672.8/.9[D04.790 6=0C.35(93.5FEG3C?>2635/04>5>C309=.J05>4>550463>5 6>?3?08350

    5.672.8/.9:Q?>64.2/>09.20/0502.88A?2340B.D>J0>2D08>L.8>5/602C[>3835B0I0BFEG?2340

    356=03C?>2635/C.2M06[6=0?234080J08>;L=34=B0?05B9>5/8>D.8C.2M06B0C.5B;>2>382.6=02

    6=.520/3>5.897??8A&B0C.5B;>25.672.8/.9:

    (9.209786[9?>6FEG=.9;20P70568AD005C>200I?0593J06=.56=0>3835B0I0B4.2/>09D>7/=6

    75B02 8>5/602C4>562.469 35 6=0(93.5 20/3>5:"J02 6=0?023>B)**@ 6>b+)*+)[ Y.?.5[Z>20.

    .5B$=35090 6?20C37C 4>C?.20B 6> 6=032 8>5/602C 97??8A

    4>562.469g>5.J02./0[@@j>;6=03C?>260B9?>64.2/>09L020?2340B.D>J08>5/602C4>562.469

    \5356=0(93.-.43;34/.962.B0396=0209786>;=396>234.8B0J08>?C0569.5B

    4>562.4650/>63.63>59D06L005 97??83029 .5B[>23/35.88A[ Y.?.5090 4796>C029: '5+KSK 6=0 ;3296FEG97??8A4>562.46L.993/50B6=.6C.B0J>87C09.J.38.D80;2>C(8.9M. 356=0f5360BQ6.609:

    )*A0.2FEG 97??8A4>562.469 \^27503.5B(D7%=.D396.260B 6>B083J02FEG 6>

    Y.?.5.9L088].B>?60B. ;3I0B?2340906635/ 6=.6J.870BFEG.6.2>75BfQ%*:H&T^67: '5363.88A[

    6=0FEG?2340L.9 906.6.?20C37CJ02979427B0>38g.5BL.9 6=05?2>/20993J08A 2.390B.9>38

    ?234092>90B7235/6=0+K@*9:

    1*4$"DkR+/0&%,7*.)%"02"$'#"."2'(\*&*(P]%."**(2JH'("0"1*'&"'PGFFO^DGFDG

    "#$% &'()$*+ "#$% #(,&*

    -&. / 012 ,.#$(% 3 4$5)6%*(. 7 4$5)6%*(.

    "#$#% &'() )* +,* &)*

    -./0# 1&(+ &2* 31* 4+*

    567%080 9#7$07 4&(1 4+* +4* &'*

    8$%'4 9:;< ==/ 99/ >?/

    E>60R9?>64.2/>09;>2Y.?.5>23/35.60;2>C(8/023.[#/A?6[#P7.6>23.8G7350.[E3/023.[E>2L.A[-027[260B

    4.2/>09;2>C5>5?2>B7435/5.63>59:Q?>64.2/>09;>2Z>20.>23/35.60;2>C6=0f5360B(2.D#C32.609[(8/023.[^27503[#/A?6[E3/023.[

    E>2L.A[-027[b.6.2[ 260B 4.2/>09 ;2>C5>5?2>B7435/5.63>59: Q?>6 4.2/>09 ;>2$=35090

    23/35.60 ;2>C 6=0f5360B(2.D #C32.609[(8/023.[^27503[ #/A?6[ #P7.6>23.8G7350.[E>2L.A["C.5[-027[O7993.[ 260B4.2/>09;2>C5>5?2>B7435/5.63>59:

    Q>72409R4796>C9B.6.Y.?.5[Z>20..5B$=35090;

    _9?>6

    ?724=.90

    .5B

    9=>26

    602C

    FEG

    62.B0`

    39B023J0B

    ;2>C

    '56025.63>5.8

    G2>7?

    >;

    F3P70;30B

    E.672.8

    G.9

    'C?>26029\G''GEF]:

  • 8/12/2019 Asian Gas Hub

    16/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01+H

    Q7D90P70568A[6=0;3296FEG97??8A4>562.4693/50BD06L005 '5B>5093..5BY.?.5 3562>B740B>38

    35B0I.63>5: '5363.88A[ 6=39L>78B 096.D839= . 835ML36= 6=0 .J02./0 >38 ?2340 >2 6=0 />J025C056

    908835/ ?2340 \GQ-] >; '5B>5093.c9 427B0 >38 9.809:W>L0J02[ 50.2 6=0 05B >; 6=0 +KX*9[ Q.7B3

    (2.D3.3562>B740B506D.4M?23435/;>2369>380I?>269g6=3920B740B'5B>5093.c9GQ-.5B4>590P70568A[

    6=0?2340>;FEG0I?>260B6>Y.?.5:20[36L.9356=0FEG?2>B7402c9356020966=.66=0>38

    35B0I0B?2340

    L>78B

    D0

    B0602C350B

    35

    6=0

    C.2M06

    L=020

    6=0

    FEG

    L>78B

    D0

    B083J020Bg

    6=0

    Y.?.5090$796>C$80.20B\Y$$]?2340?2>J3B0B6=.620P7320C056:S

    l=05Z>20.\+KXH].5B$=350903C?>26FEG[6=03297??8A4>562.469L020

    .89>835M0B6>6=0Y$$[C.M35/6=396=0B>C35.56>38C.2M02356=020/3>5:38?23409

    B7235/6=0+KX*980B6>6=03562>B7463>5>;Q472J0?23435/;>2C78.9:Q472J0;>2C78.9.20797.88A

    096.D839=35/.8350.2208.63>59=3?D06L0056=0?2340>;/.9.5B>38.98>5/.9>38?2340996.AL36=35

    .?20B0602C350B2.5/0:l=056=0>38?2340C>J09>76>;6=392.5/0[6=0208.63>59=3?D06L0056=0

    ?2340>;>38.5B6=020978635//.9?2340L0.M059[6=020;>2020B7435/6=0239M>; 8>L>38?23409;>2

    ?2>B74029[ D76 .89> 3562>B7435/ ?2>60463>5 ./.3596 =3/= >38 ?23409 ;>2 4>597C029:@(9 6=0 ;3296

    Q472J0 4>562.469L020B0J08>?0B 6>?2>6046?2>B74029 \.5B 6=0327?;2>56 35J096C0569 35 FEG

    35;2.962746720][

    .6

    .5

    .J02./0

    >38

    ?2340

    D08>L

    fQ%

    )*&DD8

    B7235/

    6=0

    ?023>B

    +KXH

    KK[

    6=39

    2097860B

    35C>200I?0593J0FEG6=.56=00502/A0P73J.805635>38:

    S')-."=k5#".*)"\*&*("0"R+/';&%.,&.'7"0*(2&.'7".*()"

    Q>7240RY.?.5090

    4796>C9:

    %7235/ 6=0)***9[>38?23409 35420.90B 93/53;34.568A[D76 Q472J09?2>60460B FEGD7A029 ./.3596

    6=39 35420.90[ 20B7435/ 6=0?2340>; FEG 3C?>269 >5 . 4.8>23;34 D.939 35 208.63>5 6> 6=.6 >; >38:

    %09?3606=02050/>63.63>5>;8>5/602C4>562.469B7235/6=0;3296?.26>;6=0B04.B0[.2.?3B2390

    35>38?234092097860B358>5/602CFEG?234098>L026=.56=032>380P73J.8056:W>L0J02[6=0.BB363>5.8

    3C?>26 >; 9?>6C.2M060B 4.2/>09L>78B ;20P70568A D0 .D>J0 ?23409 0P7.8 6> 6=0 4.8>23;34 >38

    0P73J.8056\V3/720H]:

    S

    ;20P70568A

    20;0220B

    6>

    .9

    6=0

    Y.?.5

    $27B0

    $>4M6.38:

    @V>2.53562>B7463>56>FEG?23435/.5B6=0Q472J0900RV8>L02\)**X]:

    *

    H

    +*

    +H

    )*

    )H

    fQ%&T^67

    -23402.5/0FEG?724=.90 FEG.6Y$$?.236A Y.?.5FEG.J02./0

  • 8/12/2019 Asian Gas Hub

    17/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01+S

    (;602)**U[FEG?2>B740296230B6=2>7/=50/>63.63>596>2.390>2.D>839=6=0Q472J0\T3A.C>6>[

    '9=3/72>.5Bm.C.B.[)**K]:$7220568A6=0B3947993>5358>5/602CFEG97??8A4>562.469;>47909

    >56=0_98>?0`35.5FEG?2340;>2C78.[D.934.88AB0602C3535/FEG?23409.6.4026.35?024056./0

    >;6=0Y$$?2340\?879>2C3579.4>596.56]:(9.4>590P70540>; 35420.935/>38?23409[ 35420.90B

    .J.38.D3836A >; 9?>6C.2M060B FEG >5 /8>D.8 C.2M069[ 6=0 23/3B36A >; 8>5/602C FEG 97??8A

    4>562.469.5B

    .BB363>5.8

    /.9

    B0C.5B

    9=>4M9

    \?23C.238A[

    6=0

    V7M79=3C.

    .443B056

    35

    )*++][

    FEG

    9?>6?23409=.J0D04>C0C>20J>8.638093540)**U:

    (86=>7/=>38.5BFEG?23409B3J02/0B4>593B02.D8A[6=0>J02.88C>J0C056>;6=0FEG?23403996388

    4>C?.2.D80L36=>38?23409:26>;9?>6?724=.90BFEG[=>L0J02[=.935420.90B

    6=0?23409?20.B[C.M35/FEG.535420.935/8AJ>8.63804>CC>B36A:

    1*4$"GkR+/';&%.,'(,%\*&*(M*,\JJ&*.',@PH'0,%.'7*$*#".*)"*(2*#".*)"0&."*2%82"$'#".'"0

    @"ABCD%E 012 '% FGG #'(,%H F'#'5*+* 012 ,.#$(% #(,&* IJ*(')* +#(*'K "#(*'K

    >LLL ,(3' ,(+2 4(2& &&*

    >LL= ,(&+ ,()4 2(:) 4&*

    >LL> ,(1) ,(&3 2(+4 4)*

    >LL? :(2: ,(+' 2()1 41*

    >LL: )(1+ :(4' 4(&, &,*

    >LL< '(2& )(2& &(:4 ,&*

    >LLM 44(23 +(4& )(4, 3)*

    >LL9 4&(12 +(+, :(2& ):*

    >LLN 4)('& 4&()) 44(4) 33*

    >LLO 42('& '(2, +(&1 32*

    >L=L 41(31 42('2 )(4: :)*

    >L== 4'(2+ 4,(+3 +(1) :2*

    Q>7240RY.?.50904796>C9:

    "5.J02./0[ 6=0?23409?20.BD06L005C>56=8AFEG 3C?>269B7235/.A0.2=.9 35420.90B 93540

    )**U:(9.4>590P70540>;6=0 ;35.543.8423939[9?20.B9D06L005J.23>79FEG97??8309 ;>2 Y.?.5

    ?0.M0B.6fQ%++:+S&T^6735)**X:.2>75BXHj>;6=0.J02./03C?>26?2340;>2

    Y.?.5090 FEG 6=.6 A0.2: (86=>7/= 6=0 B3;;020563.8 35 ?2340 D06L005 J.23>79 FEG 3C?>269 =.9

    B0420.90B 9>C0L=.6 35 6=0 ;>88>L35/A0.29[ 36 20C.350B>J02H*j>; 6=0.J02./0 FEG 3C?>26

    ?23406=2>7/=)**K++:

    095>6504099.2A 3C?8A6=.69?>6?724=.90B4.2/>09.20.8L.A9C>200I?0593J06=.5>38

    35B0I0B FEG 3C?>269 \.9 9005 35 5/602C 97??8A 4>562.469

    /0502.88A906

    6=0

    .J02./0

    ?2340

    >;

    FEG

    .6

    .80J08

    D08>L

    6=0

    80J08

    >;

    6=0

    >38

    0P73J.8056[

    D76

    .20

    209?>593J0 6> 6=0 208.63J04=.5/09 35 6=0>38?2340 6=2>7/= 63C0:(93.5 8>5/602C 4>562.469 ;>2

    5.672.8/.962.B0BJ3.?3?083509=.J0.93C38.2>3835B0I0B?2340C04=.539C[.86=>7/=6=0>J02.88

    ?234080J0839/0502.88A8>L026=.5FEG:

    $7220568A[6=05[6=08.4M>;.4>C?06363J05.672.8/.9C.2M06356=0(93.-.43;3420/3>5=35B0296=0

    B0J08>?C056>; .?2340 20;804635/ .??2>?23.60 97??8A .5BB0C.5B 4236023.:K$>590P70568A[ 6=0

    ?2340 >; 5.672.8 /.9 35 6=0 (93.-.43;34 20/3>5 39 906 DA FEG D7A029 .5B D.90B >5 . B3;;02056

    C.2M06 \>38]:"3835B0I0B FEG 4>562.469 906 .?2340D054=C.2M[L=380 9?>6 FEG 39 3C?>260B .6

    35420.935/8AB3J02/35/?23409208.63J06>6=0>3835B0I0BD054=C.2M:f5B026=09043247C96.540936

    X'5

    )*++[

    6=0

    J>87C0

    3C?>260B

    .9

    9?>6

    4.2/>09

    35

    Y.?.5

    L.9

    /0502.88A

    ?2340B

    D08>L

    >38

    35B0I0B

    8>5/

    602C

    4>562.469

    \'#([

    )*+).]:

    K(5.86025.63J0Y.?.5&Z>20.T.2M02B>090I396.5B39B3947990B35^>I)35$=.?602U:

  • 8/12/2019 Asian Gas Hub

    18/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01+@

    39B3;;34786 3;5>6 3C?>993D80;>2D>6= 8>5/602CFEG.5B9?>6FEG?234096>20;80466=0.4472.60

    C.2M06J.870>;5.672.8/.9356=0J.23>79B0J08>?35/.5BB0J08>?0B04>5>C30935(93.:

    1H".*,'%(*$"8%.)*0,%)*0&.'7'()'(50'*E*7'8'7

    (9 FEGB3B5>6=.J0. _C.2M06` 35(93.[ 6=0>23/35.8 2.63>5.80 ;>2>38 35B0I.63>5 35(93.5 FEG

    4>562.469[C74=83M0356=0#72>?0.5/.9C.2M06[L.96>8>>M;>236920?8.40C056J.870:'5Y.?.5[

    FEGL.99005.9.5.86025.63J0;>2>386=.6L.996388?2>C350568A790B 35?>L02/0502.63>5:"5

    6=097??8A93B0[6=0"2/.539.63>5>;-062>807C#I?>2635/$>7562309\"-#$]./200B35+KX*>5.5

    FEG0I?>26?>834A6=.60I?834368A.3C0B.64.8>23;34?.236AL36=>38?23409:T>202040568A[ 35)*++[

    6=0G.9#I?>26029$>7562AV>27C \G#$V].89>05B>290B>38 35B0I.63>5.9 6=0?20;0220B?23435/

    94=0C06>62.B05.672.8/.9\G#$V[)*+)]:

    ( 835M6>./8>D.88A62.B0B4>CC>B36A974=.9>38/3J09 35J096>29 35FEG 83P70;.463>5?8.569.5B

    62.59?>2635;2.9627467206=0.D3836A6>=0B/020J05709>J028>5/02?023>B9>;63C0.5B6=020;>20

    ?2>J3B09 . 904720 ;8>L >; 20J05709: D.8 >38C.2M06 39 /0502.88A ?02403J0BL36= . =3/=

    B0/200>;

    4>5;3B0540

    L36=

    20/.2B

    6>

    369

    8>L02

    ?2>D.D3836A

    ;>2

    ?2340

    C.53?78.63>5

    .5B

    8>L02

    J>8.63836A4>C?.20B6>5.672.8/.9\G)*[)*++]:"56=0B>L59620.C93B0[C>96>;6=035363.8FEG

    D7A029L02020/78.60B763836309[L=34=05.D80B6=0C6>9=3;6C.2M06239M6>6=03205B4>597C029

    \Y05905[ )**U]:"38 35B0I.63>5L.9 6=020;>20 35363.88A 20.B38A .440?60B DA D>6= ?2>B74029 .5B

    4>597C029.9>50>;6=0M0A?23543?80975B02?35535/8>5/602CFEG97??8A4>562.469:

    L0J02:(86=>7/=;726=0235J096C05635FEG?2>B7463>54.?.436A500B96>

    D0?2>?028A;.43836.60B[5.672.8/.9.89>500B96>D04>C?06363J0L36=356=005B7902C.2M06:"38

    398099.5B80996=0?23C.2A4>C?0636>26>5.672.8/.9356=0(93.-.43;3420/3>5:

    S')-."AkYH*."%8%'$*(2)*0'("$"7,.'7',@)"(".*,"2'(\*&*(PDUUFGFDD

    E>60R758099>6=02L39096.60B[.88C.6023.835;3/7209.5B6.D809B023J09;2>C'#(B.6..5B.5.8A939:

    Q>7240R'#([)*+)4:

    88>L35/.9.50I.C?80R356=0Y.?.50900502/AC3I[>38=.98>96369B>C35.569=.2035

    ?>L02/0502.63>5

    6>

    5.672.8

    /.9[

    4>.8

    .5B

    \75638

    6=0

    V7M79=3C.

    .443B056]

    57480.2

    ?>L02:

    L02/0502.63>5 "38;320B?>L02/0502.63>5

  • 8/12/2019 Asian Gas Hub

    19/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01+X

    B0J08>?C056 =.9 93/53;34.568A 20B20990B FEGc9 4>C?06363J0 05J32>5C056 35 ?>L02 /0502.63>5

    ;2>C>38B>C35.60B6>B320468A4>C?0635/L36=>38[4>.8.5B57480.2?>L02:"38=.9C.356.350B369

    B>C35.569=.2035Y.?.5c96>6.8?23C.2A0502/A97??8A6=2>7/=3692>803562.59?>26\47220568A.89>

    96205/6=050B DA 6=0 790 >; >38 6> 20?8.40 57480.2 ?>L02 /0502.63>5[ D76 6=39 39 83M08A 6> D0

    60C?>2.2A][.B0J08>?C0565>69?043;34.88AY.?.5090[D76/8>D.8:

    F35M35/6=0?2340>;5.672.8/.96>>38>5.44>756>;05B79024>C?06363>5C.M0983668090590L=05

    >38 B>09 5>6 B320468A 4>C?060L36= 5.672.8 /.9 \Y05905[ )*++]: m06[ 35 B0J08>?35/ 5.672.8 /.9

    C.2M069[>3835B0I0B 4>562.469=.J0D005 6=0D.4MD>50 ;>2C.2M06B0J08>?C056 \.9B09423D0B

    .D>J0]:562.469.20 83M08A6>4>5635706>B>C35.60356=0B0J08>?35/04>5>C309 35(93.[

    .94>593B02.63>59>6=026=.5?2340\05J32>5C056.8;.46>29.5B9047236A>;97??8A].20;20P70568A

    C>202080J.56;>24>C?.5309.5B?>834AC.M029[.5B.5.86025.63J05.672.8/.9?2340 39/0502.88A

    5>6.J.38.D80356=09004>5>C309:

    W>L0J02[;>2C.67205.672.8/.9C.2M069[6=083C369>;>3835B0I.63>5.9.?2340906635/C04=.539C

    ;>2FEGD04.C0480.235)*++[L=05Y.?.5500B0B.535420.935/.C>756>;FEG6>9.639;A?>L02

    B0C.5B.;6026=0V7M79=3C..443B056:Y.?.50909?>64.2/>?724=.90935420.90B6>204>2B80J089[

    .5B.86=>7/=

    .J02./0

    FEG

    3C?>26

    ?23409

    B3B

    6=0

    9.C0[

    6=39

    L.9

    5>6

    .5

    3CC0B3.60

    4>590P70540

    >;97??8A.5BB0C.5B>56=0/8>D.8FEGC.2M06:

    T>96>;6=0.BB363>5.8J>87C0>;9?>6FEG?724=.90BD06L005Y.57.2A)*++.5B(?238)*+)L.9

    ?2340BD08>L8>5/602C[>3835B0I0BJ>87C09\.5B8>5/602CFEG0I?>260296=.6D054=C.2M9?>6

    4.2/>09 6>>38] \'#([)*+).]:(9.4>590P70540[ 6=090 8>L02?2340B 9?>6 97??8309 \;2>C[.C>5/

    >6=029[E3/023..5B#P7.6>23.8G7350.][20B740B6=0.J02./0?2340>;.47D34C0620>;FEG[B09?360

    204>2BB0C.5B:$>590P70568A[6=0239035FEG?23409L.9C.358A4.790BDA6=093C786.50>79275

    7?35>38?23409B7235/)*++\.9.4>590P70540>;6=0(2.DQ?235/35E>26=(;234..5B399709L36=

    '2.5]2.6=026=.56=035420.9035Y.?.5090B0C.5B:

    S')-."Ok\*&*("0"$%(),".;*(20&%,#%$-;"0';&%.,PGFDFDG

    Q>7240RY.?.50904796>C9:

    l=380 4>597C35/ 5.63>59C3/=6 900 . 500B ;>2 8>5/602C 4>562.469 6> 059720 97??8A 9047236A

    \.86=>7/= 6=397863C.608A B0?05B9 >5 6=0?=A934.8 .J.38.D3836A>; /.9][ ?2>B74029 /0502.88A 790

    6=090 4>562.469 6> 904720 ;35.5435/ .5B . 206725 >5 35J096C056: V>2 B0J08>?35/ 5.672.8 /.9

    C.2M069[>38

    835M./0

    39;20P70568A

    20.B38A

    .440?60B

    DA

    D>6=

    ?2>B74029

    '03

    4>597C029

    .9

    .?23435/

    *j

    )j

    Uj

    Sj

    Xj

    +*j

    +)j

    +Uj

    +Sj

    +Xj

    *

    )

    U

    S

    X

    +*

    +)

    D4C

    Q?>6j Y.?.53C?>26FEG8>5/602C Y.?.53C?>26FEG9?>6

  • 8/12/2019 Asian Gas Hub

    20/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01+K

    C04=.539C[ ;>2 8.4M >; . 2083.D80 .86025.63J0: ( B0J08>?35/ /.9 C.2M06 39 35363.88A 75.D80 6>

    /0502.60 . 2083.D805.672.8 /.9 ?2340[ .9 6=0 35;2.962746720 35J096C0569 20P7320B 6> B0J08>? .

    C.2M06L3889066=090.6.5754>C?06363J080J08:

    W>L0J02[ 35C.67205.672.8/.9C.2M069[>38?2340 835M./0 39.L0.M 359627C056;>2/0502.635/.

    4>C?06363J0?2340:

    Q3540

    6=0

    35363.8

    35;2.962746720

    35J096C0569

    35

    C.5A

    C.6720

    /.9

    C.2M069

    =.J0

    B0?2043.60B[/>J025C0569C3/=6L39=6> 3562>B740C>204>C?06363>56=2>7/=6=090?.2.63>5>;

    506L>2M9.5B97??8A.463J36309356=05.672.8/.99046>2:409990?.2.609?2>4720C0564>969

    ;2>CB39623D763>54>969356=0L=>809.805.672.8/.9?2340[.88>L35/35;2.96274672035J096C05696>

    D0;35.540B>56=0D.939>;.902J340;00;>2B083J02A>;6=04>CC>B36A6>4796>C029:

    Q3C786.50>798A[6=05.672.8/.9?234020978635/;2>C4>C?06363>5L38835420.9062.59?.2054A356=0

    /.9C.2M06D04.7904>CC>B36A.5B62.59?>264.?.436A.20?2340B90?.2.608A[.680J08920;804635/

    6=032209?0463J097??8A&B0C.5BD.8.540:l=05.5.672.8/.9C.2M0639?2>?028A9067?[6=020978635/

    ?2340L388 20J0.8 350;;343054309>2D>6680504M9 35 6=0 97??8A4=.35 \L=34=D0;>20=.5BL020>58A

    M5>L5 6> J02634.88A 3560/2.60B C>5>?>8309][ .88>L35/ ;>2 0;;343056 .44>CC>B.63>5 >; 6=090

    D>6680504M9 6=2>7/= ;35.543.8 3540563J09:B7463>5>; 4>C?06363>5 6=79.88>L9 ;>2C>20

    0;;343056?2>4720C056

    .5B

    B39623D763>5

    >;

    5.672.8

    /.9

    DA

    4>C?.5309

    6=2>7/=>76

    6=0

    J.870

    4=.35:

    "38 35B0I.63>5 93C?8A 4.55>6B083J02 6=0 35420.90B 62.59?.2054A.5B 35;>2C.63>5 20P7320B 35 .

    C.67205.672.8/.9C.2M06:(9?2340 3540563J09 6>/0502.60 35J096C0569 \>24=.5/04>597C02&

    ?2>B7402D0=.J3>72] .20 /0502.60B 35 .C.2M06 6=.6=.9 J02A 83C360B 35602.463>5L36= 6=0 /.9

    C.2M06[ 36L388D0 35420.935/8AB3;;34786;>25.672.8/.94>C?.53096>0;;3430568A97??8A4796>C029

    .9.C.2M06C.67209:

    '562>B7463>5 >; 4>C?06363>5 35 5.672.8 /.9C.2M069L388 /0502.60 ?2340 93/5.89 B3;;02056 ;2>C

    6=>90/0502.60BDA6=0>38C.2M06:(4>C?06363J05.672.8/.9?2340L3885>6C0.56=.65.672.8/.9

    39.76>C.634.88A?2340B 8>L026=.50P73J.8056>3835B0I0BJ>87C09:l=05?2>?028A9067?[ 36L388

    C0.56=.6.5.672.8/.9C.2M06L388?23405.672.8/.9.6369208.63J0J.87035.9?043;340502/AC3I[

    ?2>J3B35/4796>C029

    L36=

    .2083.D80[

    ;80I3D80

    .5B

    8>L

    4.2D>5

    9>7240

    >;

    0502/A:

    W>L0J02[

    D0;>20

    672535/ 6> 6=0L.A9 35L=34= . 4>C?06363J0 5.672.8 /.9 62.B35/ =7D 4.5 D0 420.60B[ 6=0 50I6

    4=.?602L388;>479>56=0>768>>M;>26=0(93.-.43;345.672.8/.9C.2M06:

  • 8/12/2019 Asian Gas Hub

    21/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01)*

    G20.[? 4>593B02.D80 5.672.8 /.9 B0C.5B 97??830B 6=2>7/= D>6=

    ?3?08350 .5B FEG:++ ; Q>76=#.96 (93.[ L=34= 4>593969 >; 90J02.8 8.2/0 FEG

    ?2>B74029\T.8.A93.['5B>5093..5B^27503].5B2.?3B8A/2>L35/04>5>C309 356024>550460B6>.

    83C360B0I6056DA?3?083509:

    50'*E*7'8'70-&&$@2";*(24*$*(7"

    Q3540+KK*[6=05.672.8/.9C.2M06356=0(93.-.43;3420/3>5=.975B02/>5020C.2M.D80/2>L6=[

    6>.D>76HS*D4C 35)*+*:E.672.8/.94>597C?63>5=.9/2>L5DAC>206=.5)H*j93540+KK*[

    20?20905635/.5.J02./0A0.2>5A0.235420.90>;Sj;>2>J026L>B04.B09:Y.?.50904>597C?63>5

    20?2090560B6=0C.3596.A>;(93.55.672.8/.9B0C.5B[09?043.88A35FEG[75638)*+*[L=05$=35.

    972?.990BY.?.5.96=08.2/0965.672.8/.9C.2M0635(93.:

    S')-."Ck+*,-.*$)*02";*(2'(50'*E*7'8'7PDUUFGFDO

    E>60R _"6=02 (93.-.43;34` 35 6=39 /2.?= 4>593969 >;R ^27503 %.2799.8.C[ T>5/>83.[ TA.5C.2[ E0?.8[ E0L h0.8.5B[ Z>20.[ 6=0

    -=383??3509[Q35/.?>20[Q23F.5M.[i3065.C[.5B>6=02:

    Q>72409R'#([)*++Dg'#([)*+).:

    +*;6=0V7M79=3C..443B056>5 ;76720?>L029046>2B0C.5B 35 6=0C.6720/.9C.2M06>; Y.?.5 \D76.89>

    Z>20. .5B $=35090 9?00B38A 20?8.40 /0502.63>5 4.?.436A 3;

    500B0B[.936=.94>593B02.D8A8>L024.?36.80I?05B3672096=.54>.8;320B/0502.63>5.5B>;;9=>20L35B/0502.63>5:

    ++'5B3.5

    ?3?08350

    4>550463>59

    L36=

    036=02

    '2.5

    >2

    9?0469

    ;>2

    6=090

    ?3?083504>550463>5920C.35J02A75480.2D04.790>;/0>?>83634.860593>59.5B754026.356309>J0204>5>C34J3.D3836A:

    *

    +**

    )**

    ,**

    U**

    H**

    S**

    @**

    X**

    K**

    D4C

    "6=02(93.-.43;34

    ^.5/8.B09=

    5/Z>5/]

    Y.?.5

  • 8/12/2019 Asian Gas Hub

    22/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01)+

    Q3540+KKX[6>6.85.672.8/.9?2>B7463>535(93.-.43;34=.98.//0BD0=35B20/3>5.84>597C?63>5:

    (;0L4>7562309[974=.9 '5B>5093..5BT.8.A93.[L0205060I?>26029?2>J3B35/FEG;>2 3C?>26

    B0?05B0564>7562309974=.9Z>20..5BY.?.5:'5)*+*[5.672.8/.9?2>B7463>5356=020/3>5;088

    .2>75BK,D4C9=>26>;4>597C?63>5[.9=>26;.886=.6390I?0460B6>35420.906>.D>76)**D4C35

    )*+@[B09?360.4>593B02.D8035420.903520/3>5.8?2>B7463>5:

    S')-."Uk50'*E*7'8'7(*,-.*$)*07%(0-;&,'%(&.%2-7,'%(8%."7*0,PDUUFGFDO

    Q>72409R'#([)*++Dg'#()*+).:

    %0?05B0540>55.672.8/.93C?>269;2>C>7693B06=0(93.-.43;3420/3>535420.90BDA+)j.557.88A6=2>7/=>76)***+*: '6 390I?0460B 6=.66=39 3C?>26B0?05B054AL388/2>LDAHj.557.88A>J02

    6=0?023>B)*+++@:B02.6035420.9020;8046935420.935//.9?2>B7463>5?2>a0460B

    ;>2$=35..5B(7962.83.:"J02.88B0C.5B 35 6=0(93.-.43;34 20/3>5 390I?0460B 6> ;>88>L /8>D.8

    B0C.5B6205B9[/2>L35/.6.2>75B,j?02.557C6>20.4=X@HD4C35)*+@:

    !"#$%"&'"()*+",)-.(*/#0%1,2(1"3"/141/

    V.96/2>L35/B0C.5B;>25.672.8/.9L38880.B6>/2>L6=350J02A5.672.8/.94>597C35/9046>235

    C>96>;6=0(93.5-.43;3404>5>C309:L02.5B35B79623.89046>29?20B>C35.60[L36=@+j>;

    6=0 20/3>5c9 5.672.8 /.9 4>597C0B 35 6=090 9046>29 35 )*+*:E.672.8 /.9 4>597C?63>5 35 6=0

    ?>L029046>2

    39906

    6>

    D0

    B>C35.56

    6=2>7/=>76

    6=0

    ?023>B

    )*++

    +@[

    L36=

    UUj

    4>597C0B

    35

    )*+@[

    B>L5983/=68A;2>CU@j35)*+*:

    CC0243.8 9046>2 35 (93.-.43;34 4>597C0B .2>75B ++*D4C 35 )*++[ L=34=

    C.B0 369>J02.889=.20.2>75B+@j>;6>6.85.672.8/.94>597C?63>5:(86=>7/=6=3920?2090569.

    4>593B02.D80.C>756>;5.672.8/.9[3639.C74=8>L029=.206=.56=0f5360BQ6.609\,Uj35)**K]

    .5B#72>?0\,@j 35)**K]:2 39;>204.966>420.60.D>76+Xj>;

    20/3>5.85.672.8/.9B0C.5B\+S*D4C]35)*+@\V3/720+*]:

    59 6> 6=39 2780.20Z>20..5B 6=0B0J08>?35/04>5>CA>;$=35.[L=020 6=0

    2093B0563.89046>29C.M07?.4>593B02.D809=.20>;B0C.5B[.95.672.8/.939790B;>2=0.635/35

    6=0 5>26=025 ?.269 >; 6=0 4>7562309:(86=>7/= B0C.5B /2>L6= 35 Z>20.c9 2093B0563.8 9046>2 39

    0I?0460B6>

    D0

    ;.328A

    83C360B

    \7?

    )D4C

    35

    )*+@][

    2093B0563.8

    B0C.5B

    L388

    4>563570

    6>

    4>C?2390

    .2>75BU*j>;6>6.8/.9B0C.5B\V($2399066>

    *

    +**

    )**

    ,**

    U**

    H**

    S**

    @**

    X**

    K**

    D4C

    G.94>597C?63>5(93.-.43;34 '#()*+);>204.96

    G.9?2>B7463>5(93.-.43;34 '#()*+);>204.96

  • 8/12/2019 Asian Gas Hub

    23/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01))

    35420.904>593B02.D8A[DAH)D4C\++j.557.88A75638)*+@][35420.935/)*[email protected]

    6>.2>75B,,j>;6>6.8:Q74=/2>L6=35B0C.5B[209?>593J06>90.9>5.860C?02.67209[L>78B=.J0

    6>D0.44>CC>B.60B6=2>7/=35420.9093590.9>5.8;80I3D3836A355.672.8/.997??8A\D>6=FEG.5B

    ?3?08350][C74=83M06=.6>D902J0B35>6=02C.6720C.2M069L36=93/53;34.562093B0563.8B0C.5B:

    S')-."DF

    kY"7,%.*$

    2";*(2

    8%.

    (*,-.*$

    )*0

    '(

    50'*

    E*7'8'7P

    GFFF

    DO

    E>60R>6=02

    4>C?23909

    790

    DA

    6=0

    0502/A

    .5B

    62.59?>26

    35B7962309[

    .5B

    8>9909:

    Q>72409R'#([)*++g'#([)*+):

    (86=>7/=B0C.5B;>25.672.8/.9356=02093B0563.89046>2 399066> 35420.90.6.;.9602?.40\Sj

    ?02 A0.2] 6=.5B0C.5B 35 6=0 35B79623.8 .5B?>L02 9046>2 \Hj .5BUj?02 A0.2[ 209?0463J08A]

    5.672.8/.94>597C?63>5L3884>5635706>D0B>C35.60BDA35B7962A.5B?>L024>597C029[D>6=

    >;L=34=797.88A20P732083668090.9>5.8;80I3D3836A:+)%0C.5B;2>C6=0?>L029046>220P73209C>20

    9=>26602C;80I3D3836A[93540/.9;320B?>L02/0502.63>539;20P70568A790B6>D.8.5406=00804623436A

    506L>2M6=2>7/=>766=0B.A: '5B79623.8/.9B0C.5B 39?23C.238A209?>593J06>>J02.8804>5>C34

    /2>L6=.5B9046>2.8D79350994A4809:

    !"#$%"&'"(

    #%")*

    1,

    2(1"

    3"/141/

    E.672.8 /.9 62.B0 35 6=39 20/3>5 39 /2>L35/DASj?02A0.2[L=34=C.M09 36 6=0C.35B23J02 35

    /8>D.8/2>L6=?2>a0463>59>;Hj.557.88A>J026=0?023>B)*+++@:l=3805.672.8/.962.B0356=0

    20/3>53947220568AB>C35.60BDAFEG[?3?083505.672.8/.9399066>/2>LDA+Hj?02A0.26=2>7/=

    6=0?023>B)*+++@:

    ;?3?0835062.B0B/.9396>35420.906>.D>76+Xj>;6>6.862.B035)*+@[7?;2>C++j

    35)*++:-3?0835062.B039C.358AB23J05DA35420.90B3C?>269;2>C$0562.8(93..5BTA.5C.2356>

    +)Q0.9>5.8;80I3D3836A394>593B020B8>5/602C.5B39797.88A?2>J3B0B6=2>7/=96>2./035B0?8060B5.672.8;308B9L36=4>593B02.D80

    L>2M35/J>87C06=.64.5.44>CC>B.6090.9>5.860C?02.6720208.60B9L35/9355.672.8/.9B0C.5B356=02093B0563.89046>2:

    562.969

    L36=

    9=>26

    602C

    ;80I3D3836A

    \+1%1

    L36=35

    B.A[

    L36=35

    L00M]

    L=34=

    797.88A

    35J>8J09

    96>2./0

    35

    9.86

    4.J0259

    >2

    .P73;029

    L36=83C360BL>2M35/J>87C0[D76=3/=905B>764.?.436A6=.64.5.44>CC>B.609=>26602C9L35/935B0C.5B&97??8A:

    *

    +**

    )**

    ,**

    U**

    H**

    S**

    @**

    X**

    K**

    "D902J0B '#()*+);>204.96

    D4C

    O093B0563.8&4>CC0243.8 '5B7962A ->L02 "6=02

  • 8/12/2019 Asian Gas Hub

    24/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01),

    $=35.[.95>>6=0250L?3?08350 356024>550463>59>20I?.593>59 356=020/3>5.2075B029023>79

    4>593B02.63>5356=020/3>5.66=0C>C056:

    S')-."DDkE'&"$'("*(2R+/,.*2"'(50'*E*7'8'7PGFFFDO

    Q>72409R'#([)*++.g'#([)*+)D:

    5!6#%")*1,2(1"3"/141/

    C>96C.67205.672.8/.9C.2M069356=0(93.-.43;3420/3>5.20Y.?.5.5B$=350903543B056.88A[ D>6= C.2M069 .20 50.28A 0I48793J08A 97??830B DA FEG[ .9 8>4.8 ?2>B7463>5 39

    ?2.4634.88A5>50I396056:'5)*++[6=0906L>C.6720C.2M0694>597C0BX@j>;.88FEGB083J020B

    356>(93.:(C.2M0B9=3;635B0C.5B;>2FEG390I?0460B[.9C.6720C.2M069974=.9Y.?.5=.J0

    83C360B?>60563.8;>2.535420.9035FEGB0C.5B[L=380B0C.5B/2>L6=35$=35..5B'5B3.3983M08A

    6>D04>593B02.D80:

    596=.647220568A;75463>5.9.8.2/09>7240>;20/3>5.8FEG?2>B7463>5[97??8A35/

    .D>76SSD4C>;FEG6>9.639;AD2>.B02(93.-.43;34B0C.5B[L388900.C.2M0B4=.5/0 356=032

    506

    0I?>26

    ?>9363>5:

    +,

    '5

    6=0

    C0B37C

    602C[

    6=0

    506

    0I?>26

    ?>9363>5

    L388

    B048350

    .9

    FEG

    ?2>B7463>5

    B0420.909 .5B 20/3>5.8 4>597C?63>5 35420.909: 3C?>26 FEG 35)*+)[L=380

    Q35/.?>20[i3065.C[.5B6=0-=383??3509.200I?0460B6>96.263C?>2635/FEGL36=356=39B04.B0:

    "J02.88[FEG0I?>264.?.436A>;6=0(Q#(E20/3>56>97??8A6=0(93.-.43;34C.2M0639?2>a0460B6>

    B0420.90DA+XjDA)*+@:

    5.88A[ 6=0(93.-.43;34B0C.5B ;>2 FEGL.9 9.639;30BDA 20/3>5.88A?2>B740B FEG[ ;2>C

    (7962.83. .9 L088 .9 (Q#(E 4>7562309: '5 6=0 ;3296 P7.2602 >; )*+)[ U@j >; (93.5-.43;34 FEG

    3C?>269>23/35.60B ;2>C 6=0(93.-.43;34 20/3>5[ . 80J085>6 9005 93540 6=0 +K@*9:%09?360 6=0

    ;>204.9635420.9035(93.5-.43;34/.9B0C.5B[.4>593B02.D8035420.9035(7962.83.5FEG?2>B7463>5

    +,T0CD0296.609>;6=0(99>43.63>5>;Q>76=#.96(93.5E.63>59\(Q#(E]4>C?2390R^27503%.2799.8.C[$.CD>B3.['5B>5093.[

    F.>9[T.8.A93.[

    TA.5C.2[

    6=0

    -=383??3509[

    Q35/.?>20[

    204.96

    D4C

    -3?0835062.B0(93.-.43;34 FEG62.B0(93.-.43;34

  • 8/12/2019 Asian Gas Hub

    25/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01)U

    L388C.356.35(93.-.43;34FEG?2>B7463>5.2>75BH)j>;6>6.820/3>5.8FEGB0C.5B:6.8(93.5

    -.43;34FEG3C?>26;2>C>6=0220/3>59390963C.60B6>D0+U@D4CDA)*+@[.535420.90>;.D>76

    S)j;2>C)*++80J089:

    S')-."DGkS%."7*0,"2).%:,H'(R+/,.*2"'(\*&*(PJH'(*PB(2'**(25Y>5+(*,'%(0PGFDDDO

    Q>7240R'#([)*+)D:

    S')-."DIkR+/';&%.,'(,%\*&*(P]%."*PJH'(*PJH'("0"1*'&"'*(2B(2'*PGFFODG

    Q>72409R4796>C9./054309>;Y.?.5[Z>20..5B$=350908760602C9[6=0(93.-.43;3420/3>5L38835420.935/8AB0?05B>5/8>D.8FEG97??83029[.6205B

    6=.6=.93560593;30B>J026=0?023>B)**@++[L=05.50.2B>7D835/>;b.6.2397??830996205/6=050B

    (93.-.43;34B0?05B054A>5>6=02?2>B7435/20/3>59\?23C.238A[6=0T3BB80#.96]:-2>B740298>4.60B

    356=0T3BB80#.96 \b.6.2].20/0>/2.?=34.88AL088?>9363>50B6>D06=09L35/97??830296>D>6=

    6=0(93.5.5B(68.5634D.9359 \Y05905)*++]:i>87C09 ;2>C 6=0f5360BQ6.609 \(8.9M.].5B 6=0

    V>2C02Q>J306f53>5\+1%1VQf[Q=.M.835''[O7993.].200;;0463J08AB096350B;>26=0(93.5C.2M06:

    38

    35B0I0B

    FEG

    ?2340

    35

    6=0

    (93.

    -.43;34

    20/3>5

    .5B

    #72>?0.5?23409=.9.663C09.662.460B4>593B02.D80J>87C09;2>C6=0(68.5634^.935[5.C08A 35

    +**

    H*

    *

    H*

    +**

    +H*

    Y.?.5 $=35. '5B3. (Q#(E

    ^4C

    )* ++ )*+@

    P9/

    P>/

    6=N/

    *

    )*

    U*

    S*

    X*

    +**

    +)*

    +U*

    +S*

    +X*

    )**

    )**@ )**X )**K )*+* )*++ b+)*+)

    D4C

    'C?>26(93.-.43;34 'C?>26VQf 'C?>26T3BB80#.96

    'C?>26(68.5634 'C?>26(C0234.9

    =DZ

    LOZ

    AOZ AFZ

    AUZ A=Z

  • 8/12/2019 Asian Gas Hub

    26/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01)H

    )**X\B706>=3/=>38?23409].5B)*++\B706>=3/=>38?23409[6=0V7M79=3C..443B056.5B.8.4M

    >;B0C.5B;>2FEG 356=0(68.5634^.935]:T>206=.5@Hj>;J>87C0B083J020B;2>C6=0(68.5634

    356> 6=0(93.-.43;34 20/3>5 35 )**@+)L.9 ?2340B .6 >J02fQ%+*&T^67 \V3/720 +U]: '5 )*++[

    4.2/>B3J0293>59.5B.535420.935/57CD02>;200I?>269D>>960B97??8309;2>C6=0(68.5634^.935

    6>(93.6>.2>75B+@D4C\0P73J.80566>2>7/=8A)**8.2/04.2/>09]:+U

    S')-."DLk5,$*(,'7R+/2"$'#"."2'(,%\*&*(P]%."**(2JH'("0"1*'&"'*,';&%.,&.'7"PGFFODG

    Q>72409R4796>C9./054309>;Y.?.5[Z>20..5B$=3509056=020 39. 8>5/96.5B35//>.86>0I?.5B6=020/3>5.8?3?083509A960C 356>.

    62.59(Q#(E /.9 ?3?08350 9A960C \5504635/ 03/=6 (Q#(E 5.63>59 DA )*)*:+H %09?360

    ?2>/2099>59>C0356024>550463>59[90J02.8M0A35;2.962746720?2>a0469=.J09>;.25>6C.6023.8390B:

    (Q#(E =.9 906 4>C?8063>5 >; 6=0 2M .9 . 962.60/34 />.8[ .5B 6=0

    B0J08>?C056>;6=0>;;9=>20#.96E.675.5.672.8/.9;308B394>593B020B6=0C.35423634.8;.46>235

    .4=30J35/36:Q>;.2[6=0=3/=4.2D>5B3>I3B0\$")]4>56056>;#.96E.675./.9\50.28A@*j>;6=0

    B0?>93639$")]=.9B23J057?6=04>966>B0J08>?6=0209>7240.5B4>590P70568A?79=0BD.4M6=0

    96.267? B.60 \5>L D0830J0B 6> 830 D0A>5B )*))]: ?C056 >; .5A D0 ?>96?>50B D0A>5B . 93C38.2 B.60[ 0J05 3; 4>CC0243.8 J3.D3836A 39

    ?2>J05\.?>356.89>204>/5390BDA(Q#(E]\(Q#(E[)**K]:

    ;Q>76=#.96(93.4>593969>;90J02.8 8.2/05.672.8/.9?2>B74029\T.8.A93.[ '5B>5093.

    .5B^27503]>;L=34=T.8.A93.=.96=0C>96B0J08>?0B356025.862.59C3993>59A960C4>5504635/

    ?2>B74029L36= 4>597C029 .5B>6=02?2>B74029: 5 \-Gf] ?2>a046[

    4>C?8060B 35+KKK[9?.59C>206=.5+U**M38>C06209.5B4>550469T.8.A93.L36=20:C6=0Y>356%0J08>?C056(20.\Y%(]35

    L=34= D>6= 4>7562309 =.J0 . 9=.20 \6=2>7/= 6=032 5.63>5.8 /.9 4>C?.5309][ L=380 T.8.A93.

    97??83095.672.8/.96>6=0436A96.60>;Q35/.?>20:

    +U

    ^.90B>5

    4796>C9

    B.6.

    .5B

    .997C35/

    .5

    .J02./0

    FEG

    4.22302

    >;

    +U*

    ***

    C,

    FEG:

    +H'5B>5093.[T.8.A93.[Q35/.?>20[i3065.C[TA.5C.2[6=0-=383??3509[^27503%.2799.8.C.5B

  • 8/12/2019 Asian Gas Hub

    27/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01)S

    Q35/.?>20 39 97??830B 6=2>7/= ;>72?3?083509B0J08>?0B>J02 6=0?023>B+KK+)**@[4>5504635/

    Q35/.?>20L36=T.8.A93.\6L>?3?083509].5B'5B>5093.\6L>?3?083509][L36=.6>6.8.557.897??8A

    4.?.436A>;.2>75BK:SD4C:(86=>7/=Q35/.?>20=.95>62.5936;.43836309[ 364.5D04>593B020B.9

    .5356024>550463>5D06L005'5B>5093..5BT.8.A93.\.5B550460B6>

    TA.5C.2.5B 6.M095.672.8 /.9 ;2>C 6=0m.B.5. .5Bm06./75B0?>9369 6=2>7/= 6L>?3?083509

    L36=6>6.8

    4.?.436A

    >;

    @:U

    D4C:

    '5

    .BB363>5[

    550460B

    L36=

    i3065.C

    6=2>7/=.?3?083506=.64>550469.9=.20B>;;9=>20/.9;308B\-T,B0?>936]L36=6=0i3065.C090

    C.358.5B.6$.T.7:'56=050.2;76720[TA.5C.2L388D04>550460BL36=$=35.[.96=0TA.5C.2

    $=35.?3?08350[L36=.5.557.84.?.436A>;+)D4C[3994=0B780B6>D04>C?8060B35)*+,:

    1*4$"IkB(,.* *(2'(,"..")'%(*$&'&"$'("W0X'(50'*E*7'8'7

    Q5%('(*),$5'4 R,#*4,5* S#*('%,$5'4 TH*'(U G'#'&,%H T-&.BH(U

    ;567%# ;567%# ?7$0@7%0 &241 4&(2

    ;96#7@#%A B#A#%#>CD$./E ?7$0@7%0 4''3 :(,

    B0E#FG%>CD$./E ?7$0@7%0 &222 &(2

    96#7@#%A>H70E%#= ?;1>5# ;#G ?7$0@7%0 &22+ &(2

    96#7@#%A>;#@#96#7@#%A>;#@#794>C?.5AL0D93609:

    '560220/3>5.8

    ?3?08350

    62.B0

    39

    9>

    ;.2

    83C360B

    6>

    6=0

    550469

    B7463>5L36=6=04056209>;5.672.8/.9B0C.5B350.96025$=35.:;.43836.606=062.59?>26>;.2>75BU*D4C>;5.672.8/.9.557.88A:'5

    .BB363>5[9?729>;6=0?3?0835035Z.e.M=96.5.2075B024>593B02.63>56>D0.D806>;.2CC>205.672.8

    /.9;2>C6=020/3>5[L36=.?>993D80SHD4C>;6>6.84.?.436A;>26=0?3?08350D035/B3947990B:

    '6 397583M08A 6=.6.5A>; 6=0/.9 ;2>C$0562.8(93. \35487B35/?>993D8AO7993. 35 6=0 ;76720]L388

    20.4=>6=02C.2M069356=0(93.-.43;3420/3>5\W>5/Z>5/D035/4>593B020B.9.53560/2.8?.26>;

    6=0 $=35090 97??8A 9A960C]: (9T.8.A93. =.9 >50 >; 6=0C>96 0I60593J0 5.672.8 /.9 ?3?08350

    506L>2M935Q>76=#.96(93.[364>550469206=2>7/=369-Gf9A960C:W>L0J02[

    6=.6 39.886=0 3562.20/3>5.8 62.59364.?.436A 6=.60I3969:"6=024>550463>59 35 6=0(Q#(E20/3>5

    .20B0B34.60B7?9620.C?3?0835094>550460B6>4056209>;B0C.5B[L36=>766=062.59364.?.D3836309

    >D902J0B35

    C>20

    L088

    B0J08>?0B

    5.672.8

    /.9

    506L>2M9:

    #I?.593>5>;6=057CD02>;3560220/3>5.8?3?0835094>5504635/6=0(93.5-.43;34L36=>6=02?2>B7435/

    .20.9[974=.96=0T3BB80#.96.5B$0562.8(93.[900C9=3/=8A7583M08A:%09?360B04.B09>;9?0478.63>5[

    6=0/0>?>83634.8>D96.48096>5.672.8/.9?3?0835096=2>7/=(;/=.5396.5.5B-.M396.5900C.93562.46.D80

    .90J02:^093B0/0>?>83634.8>D96.4809[ 3560220/3>5.8?3?0835062.59?>26 39;20P70568A754>C?06363J0

    L36=FEG62.59?>26[.96=3939797.88AC>204>960;;0463J0>J028>5/02B396.5409\Y05905[)*++]:

    9683M08AB0J08>?C056C3/=6D0.5.672.8/.9?3?08350D06L005$=35..5BO7993.:%09?360

    C.5A=3/=80J08?>83634.8./200C0569>J026=0?.96B04.B0[.;35.8 35J096C056B04393>5D06L005

    4>CC0243.8?.26309 39 96388 4>593B020B 6>D0A0.29.L.A:; 6=05.672.8/.9?2340=.9

    ?2>J056>D0.535972C>756.D80>D96.480:'5.BB363>5[$=35.=.9B0J08>?0B369>L50502/AD23B/0

    L36=$0562.8

    (93.[

    97??8A35/

    $=35.

    L36=

    .B0P7.60

    J>87C09

    >;

    .662.463J08A

    ?2340B

    5.672.8

    /.9

    ;>2

    6=063C0D035/\W05B029>5[)*++]:

  • 8/12/2019 Asian Gas Hub

    28/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01)@

    (95.672.8/.9 4>597C?63>5 35 6=0(93.-.43;34 20/3>5 4>5635709 6>/2>L.5B 3560220/3>5.8.5B

    3562.20/3>5.8 62.5936 4.?.436A 20C.359 83C360B[ 5.63>59 8>>M 35420.935/8A .6 90.D>250 FEG 6>

    97??8A6=03204>5>C309L36=5.672.8/.9:(/2>L35/57CD02>;4>7562309356=0(93.-.43;3420/3>5

    .204>593B0235/D738B35/20/.93;34.63>5602C35.89:

    5!6($77&.

    /8"1,

    4&*91-1&1#.

    1,

    2(1"

    3"/141/

    FEG97??8309500B6>D0B083J020B35.L.A6=.6.997209;80I3D80.5B2083.D8097??8A;>24796>C029:

    4.60B35.20.9902J340BDAFEG20/.93;34.63>5602C35.89.5BD0?.26>;.4>C?8060

    FEG97??8A4=.35:+SCC>B.609=>26602CB0C.5B;87467.63>59;2>C\8.2/0]35B3J3B7.8

    4>597C029[90.9>5.8B0C.5B4=.5/09[.5BB0C.5B6=.6;>88>L904>5>C344A4809L=380C.356.3535/

    04>5>C340;;343054A:

    4%2'&+5+,'/+#0/%*.+0'$&

    O0/.93;34.63>5 602C35.89.20.42743.8?.26>; 6=0FEG 35;2.962746720[5>6>58A ;>2 6=0.44099 6>

    /8>D.8FEG97??83096=0A?2>J3B0[D76.89>.997??83029>;B>L59620.C;80I3D3836A:

    S')-."D=kQ")*0'8'7*,'%(%&".*,'%(*$P-(2".7%(0,.-7,'%(*(2&$*(("2'(50'*E*7'8'7PGFFFDO

    Q>72409 ;>2 B.6. >5 ^.5/8.B09=[ $=35.[ $=35090 5093.[ Y.?.5[ Z>20.[ T.8.A93.[ E0L h0.8.5B[ -.M396.5[ 6=0

    -=383??3509[5/>J025C056

    20/78.63>59\974=.96=020P7320B20902J0C.2/356>0597209047236A>;97??8A>2562.464=.2.4602396349.89> 35;870540602C35.84.?.436A4=>3409>;6=07902\9]>;6=0

    602C35.8:+@5 35(93.-.43;34 390963C.60B6>=.J0D005,Uj 35)***[

    98>L8A 23935/ 6> .2>75B H*j 35 )*++ .5B ?2>a0460B 6> 96.D38390 .2>75B 6=39 80J08 .9 50L .5B

    +SFEG

    83P70;.463>5[

    FEG

    4.223029[

    20/.93;34.63>5

    602C35.89

    .5B

    B>L59620.C

    B39623D763>5

    35;2.962746720:

    +@Q74=.94.2/>93e0[90.9>5.836A20P7320C0569[9L.?.22.5/0C0569[FEGP7.836A9?043;34.63>59[064:

    *

    +**

    )**

    ,**

    U**

    H**

    S**

    @**

    D4C

    "?02.63>5.8 f5B024>59627463>5 -8.550B FEG3C?>26(93.-.43;34

  • 8/12/2019 Asian Gas Hub

    29/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01)X

    ?8.550B4.?.436A4>C09>59620.C:'5.BB363>56>$=35.['5B3.[Y.?.5[Z>20..5B$=350905 602C35.89[59620.C 35)*++.5B90J02.8>6=02

    4>7562309.20D738B35/>24>593B0235/D738B35/602C35.89:

    E0L4>C029 974=.9Q35/.?>20[7540B

    ?8.59

    6>

    4>5962746

    20/.93;34.63>5

    602C35.89

    >2

    .20

    35

    6=0

    ?2>4099

    >;

    B>35/9>:'5.BB363>5[6=062.B363>5.8D3/FEG0I?>26029[T.8.A93..5B'5B>5093.[=.J04>59627460B

    FEG20/.93;34.63>5602C35.896=.6.88>L6=0C6>3C?>26FEG6>97??8A6=032B>C09634C.2M06[.9

    B>C09634?3?08350B39623D763>5=.99>;.25>6C.6023.8390B:

    6%''$5$%7+8+$+/9/"*#:2";5>C309/0502.88A=.J0 83C360B500B9 ;>2 90.9>5.8 ;80I3D3836A 35/.9[D04.790>;

    6=0?200C350540>;5.672.8/.979./0 ;>2?>L02.5B 35B7962A 9046>29:0I40?63>59[.9

    B3947990B.D>J0[.20$=35..5BZ>20.:

    (6;3296/8.540[$=35.=.9.4>593B02.D8057CD02>;>?63>596>97??8A90.9>5.8;80I3D3836A4>C?.20B

    6>

    >6=02

    (93.5

    -.43;34

    C.2M069:

    ?63>59

    4>59396

    >;

    B>C09634

    ?2>B7463>5[

    75B02/2>75B

    /.9

    96>2./0 \fGQ] .5B .44099 6> ?3?08350 97??8309 ;2>C >6=02 97??83029 \.88>L35/ FEG 6> 97??8A

    90.9>5.8 ;80I3D3836A[.9 36 39/0502.88A5>6 6=0D.908>.B 97??8A>?63>5]:W>L0J02[.9 6=0$=35090

    5.672.8/.9C.2M06 392.?3B8AB0J08>?35/[6=090>?63>59500B6>D0;788A0I?8>20B.5B7638390B6>

    M00?7?L36=B0C.5B:

    %706> 39>8.63>5;2>C?3?08350997??8309.5B 83C360B/0>8>/34.8>?63>59;>275B02/2>75B96>2./0

    \036=02 90.9>5.8>2 9=>26602C][Z>20. 35420.90B 6=0 ;80I3D3836A>; 369 FEG 97??8A4=.35 6>C006

    B>C09634B0C.5B:8J0B6=00I?.593>5>;=3/=4>9696>2./0>59=>203520/.93;34.63>5

    602C35.89[.BB363>5.89?>6?724=.909>56=0/8>D.8FEGC.2M06\5.63>5.8/.94>C?.5AZ"G(Q 39

    6=08.2/0969?>64.2/>?724=.902356=0L>28B6>059720L3560297??8309].5B0P736A?.26343?.63>5

    35FEG7?9620.C?2>a0469:

    ;593B02.D80 20/.93;34.63>5 4.?.436A 6=.64.5 902J340 6=0 ;80I3D3836A 20P7320C0569>; 6=0

    35B3J3B7.804>5>C309[>J02.88;80I3D3836A356=0FEG97??8A4=.353983C360BDA35;2.96274672.823/3B36309

    356=07?9620.C9046>2:FEG 83P70;.463>5?8.569.20 ;20P70568A?2>B7435/D.908>.B[.9 6=0A.20

    J02A4.?36.83560593J0J05672096=.6500B6>204>7?6=09035J096C0569:?2>J3B0_;80I3D3836A`;>2/.9C.2M0696=.6208A>5FEG;>26=03297??8A\+1%12.C?35/7?.5BB>L5

    L=0520P7320B]:

    20[ 35>2B02 6> 83C36 6=00I60593J079./0>;=3/=4>96FEG96>2./0[ ;80I3D3836A 35 6=0FEG

    97??8A4=.35L388;20P70568A4>C06=2>7/=?>26;>83>C.5./0C056:$>C?.5309L3884>CD350J.23>79

    7?9620.C9>72409

    356>

    6=0

    20P7320B

    B>L59620.C

    97??8A

    ?2>;380

    ;>2

    6=0

    >J02.88

    04>5>CA

    \L=380

    20/.93;34.63>5 602C35.897863C.608A?2>J3B0 9=>26602C 97??8A ;80I3D3836A 6> 6=04796>C029 35 6=0

    .20.97??830BDA6=0602C35.8]:

    ;

  • 8/12/2019 Asian Gas Hub

    30/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01)K

    93/53;34.568A 35420.90B 9=>26602C 6.5M02 2.609 6=2>7/=>76 )*++ .5B 6=0 ;3296 P7.2602 >; )*+)

    \'#([)*+).]:

    (9>;C3B)*+)[6=057CD02>;FEG4.22302975B024>59627463>56=.6.205>6B0B34.60B6> 8>5/

    602C?2>a0469 4>C?23909 ,@ >76 >; X+ 4.223029 /8>D.88A75638 )*+S:(86=>7/= 35B0?05B056 9=3?

    >L5029C3/=6

    >?6

    6>

    80.90

    >76

    6=032

    4.223029

    75B02

    8>5/

    602C

    4>562.469

    \L=34=

    C3/=6

    83C36

    .5A

    35420.90 359=>26602C.J.38.D3836A>;FEG62.59?>264.?.436A][6=399=>L96=.6C>209=3?>L5029

    900.5.662.463J0D7935099 35>?02.635/FEG 4.223029:l36=C>20?.26309L38835/ 6>?2>J3B0 FEG

    62.59?>26902J3409[FEG97??8A3983M08A6>D04>C0C>20;80I3D80356=0C0B37C602C:

    >"%+.=',/#52#?%*0.%0/=#$+,+%.'*@%/&/*:,/:*%

    ;6=0FEG97??8A4=.35=.962.B363>5.88A?2>J3B0B4>593B02.D803C?06796>/>J025C0569

    6> 904720 8>5/602C 9047236A >; 97??8A 6=2>7/= 96.60 >L50B 5.672.8 /.9 4>C?.5309: 2/.539.63>59 4.5C.64= 97??8A .5BB0C.5B ;>2 FEG 6=2>7/= 6=0 J02634.8 3560/2.63>5>; 6=032

    .463J36309 .8>5/ 6=0 J.870 4=.35[ 09?043.88A 6=2>7/= 8>5/602C 97??8A 4>562.469 .5B .4P73235/

    0P736A357?9620.CB0J08>?C056:O0/.93;34.63>5602C35.89.20/0502.88AB0J08>?0B6>.44>CC>B.60

    8>5/602C

    97??8A

    4>562.469

    4>5487B0B

    DA

    96.60

    >L50B

    05602?23909

    .5B[

    L36=>76

    75D3.90B

    6=32B

    ?.26A.44099[;726=0283C36FEG97??8A;80I3D3836A6>4>597C029:

    '5.BB363>5[ 6=05.672.8/.9C.2M06 962746720 35C>96(93.504>5>C309 83C369 4>C?06363>5.9.

    209786>;962>5/5.63>5.8>2/.539.63>59[L=34=.20/0502.88A20/78.60BC>5>?>8309:

    C.I3C39020J05709>56=0328>5/602C[>3835B0I0BFEG4>562.469356=032209?0463J0=>C0C.2M069

    \O>/029[ )*+)]: 563570B 96.60 35J>8J0C056 >; J.23>79 (93.5-.43;34 04>5>C309 35 6=0

    5.672.8 /.9 9046>2 39 .89> J393D80 35 6=0 20/.93;34.63>5 602C35.89c >L5029=3? >; 96.60>L50B

    05602?23909:E0.28A@Kj>;6=0602C35.89 35>?02.63>5[75B024>59627463>5>2?8.550B75638)*+@

    .20>L50B.5B>?02.60BDAJ02634.88A3560/2.60B[/>J025C056>L50B05636309:

    %09?3606=035420.903520/.93;34.63>54.?.436A[6=0472205635;2.962746720>;6=0FEG97??8A4=.35

    83C3696=0

    .D3836A

    6>

    209?>5B

    6>

    4=.5/09

    35

    B0C.5B

    >2

    97??8A:

    #J05

    L36=

    .5

    35420.90

    35

    6=0

    57CD02

    >;FEG4.223029.J.38.D809=>26602C[6=04722056FEG4>562.4635/96274672039B>C35.60BDA8>5/

    602C 4>562.469 6=.6 83C36 6=0 .J.38.D3836A >; 9?>6 FEG >5L>28BC.2M069 \900 $=.?602 U]: 6209?>5B4>960;;0463J08A6>4=.5/35/B0C.5B?.66025935B>L59620.C

    (93.-.43;34C.2M069:

    +*,-.*$)*0&.'7"2"#"$%&;"(,'(50'*E*7'8'7

    2635/04>5>C309.20C.358A97??830B6=2>7/=8>5/602C[>3835B0I0B

    4>562.469 =.9 B23J05 5.672.8 /.9 ?23409 35 6=0 (93.-.43;34 20/3>5 6> 204>2B =3/=9: W396>234.88A

    \D0;>20)**U][FEG?23409D06L0056=06=200C.a>24056209>;4>597C?63>5L020835M0B6=2>7/=

    6=0>38 ?2340C>J0C056:W>L0J02[ 9=.80 /.9B0J08>?C056 35 6=0f5360B Q6.609 .5B 35420.90B

    83D02.839.63>5>;5.672.8/.9C.2M069 35#72>?0=.J09066=0/8>D.8L=>809.80/.9?23409.66=200

    B396354680J089D06L005)**K.5B)*+):

    Q3540)*++[(93.-.43;34FEG?23409.20D.4M.6?2042393980J089;>26=0C.6720(93.5/.9C.2M069

    Y.?.5[Z>20..5B$=35090

  • 8/12/2019 Asian Gas Hub

    31/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01,*

    S')-."DAkQ")'%(*$)*0&.'7"0*(2\*&*(J.-2"J%79,*'$PGFFODG

    Q>72409R '#( B.6.D.909g fQ #502/A '5;>2C.63>5 (BC353962.63>5g fZ 4796>C9g Y.?.5090 4796>C9g Z>20.5 4796>C9g .5B $=35090

    C9:

    %09?3606=0B>C35.540>;>38 35B0I.63>5353C?>264>562.469;>2D>6=FEG.5B?3?0835097??8309[

    >6=02 35B0I.63>5 C>B089 .20 9>C063C09 4>593B020B[ %121 4>.8 35B0I.63>5 35 6=0 50/>63.63>59

    D06L0056=0O7993.5.5B$=35090.BC353962.63>59;>28>5/602C5.672.8/.93C?>269:"56=0D.939

    >;C.2M06J.870 \5.672.8/.9 39?2340B.6 6=0 80J08>; 6=0 ;708 36 20?8.409 35 6=00502/AC3I][ 36

    4>78BD0.2/70B6=.65.672.8/.939?23C.238A354>C?06363>5L36=4>.8[.96=39396=0?20B>C35.56

    ;70835$=35.:

    5>;.835M6>6=04>.8?2340358>5/602C/.94>562.469=.9?2>J056>D075.440?6.D80

    ;>26=0O7993.5/.94>C?.5AG.e?2>C\'#([)*++.]:V>26=390I?>26026=0 835M6>4>.8?23409 39.

    93/53;34.56239M6>35J096C056204>J02A[.94>.8?23409.20/0502.88A8>L026=.5>3835B0I0B5.672.8

    /.9?23409:'5.BB363>5[6=0835M./06>6=04>.8C.2M0639.239M6>6=0?2340906635/C04=.539C.9

    $=35090\;20P70568A96.60>L50B]4>.8?2>B74029=.J04>593B02.D809L.A>J02356025.63>5.84>.8

    ?23409[6=79?20905635/.6=20.66>C.2M06D.90B?23435/:W>L0J02[B09?3606=09035363.8B0J08>?C0569

    50LD054=C.2M9 ;>2 35B0I.63>5.20 83M08A 6>D0790B 35 6=0 ;76720 35 4>CC0243.850/>63.63>59

    D06L00597??8302.5B4>597C02:

    .B8A4>C?239096=200.20.9>;C.2M06C.67236A\900 '562>B7463>56>

    6=39$=.?602]R

    6=0L088096.D839=0BC.2M069>;Y.?.5[Z>20..5B$=35090C35.540>;>3835B0I0B97??8309.6.4>96?879D.939R>3835B0I0B4>CC>B36A

    ?879902J3409;>24>597C029g

    6=00C02/35//3.569[5>6.D8A$=35.[=.J097D96.563.8B>C09634?2>B7463>5.5B20/78.60B05B

    7902?23409.42>99J.23>7904>5>C349046>29g6=090.20906.6.80J086>?2>J3B00502/A;>26=0

    /2>L35/04>5>CA\'#([)*+)D]g.5B

    6=0.20.>;Q>76=#.96(93.L=02005B7902?23409.2020/78.60B.6. 80J08 ;20P70568AD08>L

    4>96>;902J340[5.C08A3504>5>C309L36=4>593B02.D80B>C09634?2>B7463>5[80.B35/6>.97D93BA

    ;>24>597C029\'#([)*++4]:

    l=>809.80?23409 356=0(93.5-.43;3420/3>5.20906.6.4>96?879D.939;2>C>3835B0I0B5.672.8

    /.9?23409>2.6. 20/78.60B 80J08[B0?05B35/>5 6=004>5>CA.5B 9046>2L=0205.672.8/.9 39

    *

    H

    +*

    +H

    )*

    )H

    fQ%&T^67

    fQFEG fZFEG (93.FEG Y$$ (93.54>.8C.2M02

  • 8/12/2019 Asian Gas Hub

    32/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01,+

    4>597C0B:(?.26;2>C6=039>8.60BC.2M06>;(7962.83.+X.5B6=0Y.?.5&Z>20.T.2M02\YZT];2>C

    -8.669\B3947990B35$=.?602U]6=020395>(93.-.43;34L=>809.80?2340;>25.672.8/.96=.620;80469

    6=0;75B.C056.89>;B0C.5B.5B97??8A:

    1%:*.20*.")'%(*$

    '(,".7%(("7,"2

    ;*.9",N

    (86=>7/= 6=0>J02.88B0?05B0540>;(93.-.43;34>5 5.672.8 /.9 3C?>269 ;2>C>6=02?2>B7435/

    20/3>59L38896.D38390.62>7/=8AH*j>J026=050I6B04.B0[6=0>J02.88J>87C0>;3C?>260B5.672.8

    /.9 356=020/3>5L3884>5635706> 35420.90[6>.2>75B)**D4C 35)*+@:W>L0J02[.96=0 8.2/096

    35B3J3B7.8 5.672.8 /.9C.2M069 \Y.?.5 .5B $=35.] 97;;02 ;2>C . 8.4M >; 356024>550460B5099[ .

    ?=A934.88A356024>550460B20/3>5.85.672.8/.9C.2M06397583M08AL36=356=3963C0;2.C0:

    $7220568A[ 6=0 ?3?083509 4>5504635/ B3;;02056 4056209 >; B0C.5B 35 6=0 20/3>5 .20 /0502.88A

    B0B34.60B6>7?9620.CB0J08>?C0569:(4>593B02.D800I?.593>5>;6=03562.20/3>5.8-EG\?3?08350

    97??830B 5.672.8 /.9] 62.B0 \L36= O7993.] >; 5.672.8 /.9 20C.359 7583M08A ;>2 6=0 63C0 D035/:

    F3C360B?2>/2099>5?3?0835035;2.962746720\0J05L36=35B>C09634C.2M069]=.980B6>.972/035

    20/.93;34.63>5602C35.89

    6>

    4>55046

    6=0

    5.63>5.8

    /.9

    C.2M069

    6>

    6=0

    /8>D.8

    FEG

    97??8A

    9A960C:

    '5 ?23543?80[ 6=020 .20 5> 604=534.8 D.223029 6=.6L>78B =35B02 6=0 0C02/0540 >; . 20/3>5.88A

    356024>550460B (93.5-.43;34 C.2M06 L36= FEG 62.B0 .9 369 D.4MD>50: W>L0J02[ 6=0 4722056

    9627467209>;6=0FEG97??8A4=.35\83P70;.463>5.5B62.59?>26]>;;0283C360B;80I3D3836A:'5.BB363>5[

    6=03C?>2635//.9C.2M069.20;20P70568AB>C35.60BDA.;0LJ02634.88A3560/2.60B>2/.539.63>59

    6=.6L36= 97??8A 35;2.9627467209 6=.69736 6=0329?043;34 8>5/602C[>3835B0I0B 4>562.469[D76B>

    5>6?2>C>60;80I3D3836A>24>C?06363>5:

    V35.88A[ 6=020 3947220568A5>0;;0463J0 20/3>5.84>>?02.63>5D06L005 8.2/05.672.8/.9C.2M069

    \D>6=B0J08>?35/.5BC.6720]6=.6L>78B97??>26.C>20356024>550460B/.9C.2M06356=0(93.

    -.43;3420/3>5:(86=>7/=(Q#(E=.9?2>?>90B.CD363>79>Da0463J09;>2;726=024>>?02.63>5[?2>/2099

    3983C360B:

    (9

    .209786

    >;

    B3;;0235/

    5.63>5.8

    ?>834309[

    C>96

    5>6

    208.60B

    6>

    0502/A[

    4>>?02.63>5

    6=.6

    4>78B80.B6>.20/3>5.85.672.8/.9C.2M0693C38.26>6=.6\963886>D04>C?8060B];>26=0#72>?0.5

    f53>5397583M08A;>26=063C0D035/:

    %0J08>?C056>;.5.672.8/.9?234020;804635/20/3>5.897??8A&B0C.5B35.5FEGB>C35.60B97??8A

    9A960CB>095>6504099.238A 20P7320?>83634.8.5B04>5>C34 4>>?02.63>5>5. 80J08 974=.9 6=0

    #72>?0.5f53>5c9:5.8/.9?23409B023J0B;2>C8>4.897??8A.5BB0C.5B4.5?2>J3B0

    3540563J096>B32046FEG;8>L9.42>996=020/3>5[;.43836.60;726=0235J096C05635;2.962746720.5B

    /0502.60.20?209056.63J020/3>5.8?234080J08:78BD093C38.26>6=0?3?08350D.90B5.672.8

    /.9C.2M06356=0f5360BQ6.609:

    420.60.97??8A&B0C.5B209?>593J05.672.8/.9?2340L>78B35J>8J0/>J025C0569

    209627467235/6=032

    5.63>5.8

    /.9

    C.2M069

    9>

    .9

    6>

    .88>L

    .5

    .86025.63J0

    ?2340

    93/5.8

    6>

    B0J08>?:

    J025C0569 6>B0J08>? 974=. 62.59?.2056?23435/ 93/5.8.20>768350B 35 6=0

    ;>88>L35/4=.?602:

    +X09

    3C?>26

    5.672.8

    /.9

    ;2>C

    6=0

    9=.20B

    B0J08>?C056

    L36=

    2

    F0960[

    D76

    3620C.359

    ./0>/2.?=34.88A

    39>8.60B5060I?>2602:

  • 8/12/2019 Asian Gas Hub

    33/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01,)

    IJ0.L.A;2>C.C>5>?>8390B5.672.8/.9

    C.2M06L388 80.B ;2>C .5>54>C?06363J0C.2M06A J3. . B0J08>?35/C.2M06 96./0 6> .C.6720[

    ;75463>535/C.2M06L36=;788206.384>C?06363>5:'#(=.93B0563;30B6L>C.2M06C>B0896=.6902J0

    .9.5.86025.63J06>6=0C>5>?>8AC.2M06962746720R6=0?3?083506>?3?083504>C?06363>5C>B08

    .5B6=0C.5B.6>2A6=32B?.26A.440996>6=0506L>2MC>B08:

    (5A

    ;75463>535/

    C.2M06

    L388

    =.J0

    .

    B0/200

    >;

    4>C?06363>5

    .C>5/

    97??83029[

    036=02

    .6

    6=0

    D0/35535/

    >;6=0J.8704=.35>26=2>7/=6=0056320J.8704=.35B>L56>6=0206.38 80J08: '56=0?3?083506>

    ?3?08350 C>B08[ 4>C?06363>5 39 >2/.5390B D06L005 97??83029 L=> D738B 6=0 35;2.962746720 6>

    B083J02 6> 4796>C029: '5C.5B.6>2A .44099 6> 506L>2M[ . B39635463>5 4.5 D0C.B0 D06L005 .

    C.2M06L36=L=>809.804>C?06363>5.5B.C.2M06L36=;788206.384>C?06363>5g 356=0 8.66024.90[

    4>C?06363>5 39 3562>B740B 356> 6=0 ;35.8 ?.26 >; 6=0 J.870 4=.35[L=380L=>809.80 4>C?06363>5

    96>?99=>26>;6=0206.3890/C056:

    (9/>J025C0569 96.26 6>B020/78.60 6=0325.672.8 /.9C.2M069[ 6=0AL3880CD.2M>5. 4>C?80I

    ?2>40996>C006 6=032209?0463J09>43.8[04>5>C34.5B97??8A9047236A>Da0463J09 ;>26=399046>2

    .5B6=00502/A97??8A.9.L=>80:W>L0J02[50L?.263096=.6L388056026=05.672.8/.99046>2.9

    +KT.6720C.2M06R.C.2M066=.6=.920.4=0B.96.60>;0P7383D237CC.2M0BDA6=0.D90540>;93/53;34.56/2>L6=:

  • 8/12/2019 Asian Gas Hub

    34/86

    !"#$%&'#()*+, !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'*640,*7$"0*(26&&%.,-(','"0

    -./01,,

    . 209786>;B020/78.63>5L388 35;870540 6=0>5/>35/?2>4099 35.L.A 6=.6C3/=6 20P7320 ;726=02

    4=.5/09356=027809906DA6=0/>J025C056:'6396=020;>20.4>56357>792043?2>4.8?2>4099D06L005

    ./>J025C056.5BC.2M06?.26309[L36=>764>C096=.6L38850J02D00563208A480.2;2>C6=0>5906:

    S')-."DOkB(7."*0'()7%;&",','%('(*(*,-.*$)*0;*.9",

    Q>72409R'#(\+KKX]g.76=>2:

    S')-."DCkJ."*,'()*7%;&",','#":H%$"0*$"(*,-.*$)*0;*.9",

    (;75463>535/

    L=>809.80

    C.2M06

    7863C.608A

    B083J029

    .2083.D80

    ?2340

    93/5.8

    6=.6

    .4472.608A

    20;80469

    6=097??8A&B0C.5BD.8.540[5>L.5B 356=0 ;76720:#.4=4>7562AL388=.J0.B3;;02056?>356>;

    B(7."*0'()7%;&",','%(

    T>5>?>8A

    l=>809.80

    C.2M06

    4>C?06363>5

    V788206.38

    4>C?06363>5

    -3?083506>

    ?3?08350

    4>C?06363>5

    S [%(%&%$@.')H,0

    %()*0

    ,.*(0;'00'%(*(2

    2'0,.'4-,'%(

    S Y-&&$@%4$')*,'%(

    S Q")-$*,'%(%8)*0

    &.'7"0

    S E%00'4'$',@8%.

    7%;&",',%.0,%

    4-'$2

    ,.*(0;'00'%(

    &'&"$'("0

    S !'."7,0*$"0,%$*.)""(2-0".0

    *(2$%7*$

    2'0,.'4-,%.0S Q")-$*,'%(%8

    W4-(2$"2X)*0

    0"$$'()&.'7"0

    S 1H'.2&*.,@*77"00

    S _(4-(2$'()%8

    ,.*(0&%.,*(2

    ;*.9",'()

    8-(7,'%(0

    S J%;&",','%('(

    )*00-&&$@,%

    $*.)""(2-0".0

    *(2$%7*$

    2'0,.'4-,%.0

    S +%&.'7"7%(,.%$0%()*00*$"0

    S Q")-$*,'%(%8

    *77"00'(7$-2'()

    -0"%80@0,";

    7H*.)"

    S 1H'.2&*.,@*77"00

    S S-$$-(4-(2$'()

    S J%;&",','%('(

    )*00-&&$@,%*$$

    "(2-0".0

    S +%&.'7"7%(,.%$0%()*00*$"0

    S Q")-$*,'%(

    %8

    *77"00'(7$-2'()

    -0"%80@0,";

    7H*.)"

    +%(7%;&",','#"

    ;*.9", !".")-$*,"2`2"#"$%&'();*.9",

    J%;&",','#"

    ;*.9",

    +%(7%;&",','#"

    ;*.9", !".")-$*,"2`2"#"$%&'();*.9",

    S-(7,'%('()

    ;*.9",

    809.80?2340

    B020/78.63>5

    W.5B9>;;.66367B0

    $>C?06363J0

    97??83029Q7;;343056506L>2M

    4.?.436A

    F35ML36=;35.543.89

    Q?>6C.2M06

    V767209C.2M06

    809.80-2340

    %020/78.63>5

    W.5B9";;(66367B0

    809.80-2340

    %020/78.63>5

    W.5B9";;(66367B0

    $>C?06363J0E7CD02

    -.26343?.569

    Q7;;343056E06L>2M

    $.?.436A

    F35ML36=V35.543.89

  • 8/12/2019 Asian Gas Hub

    35/86

    !"#"$%&'()*+*,-.*$/*01.*2'()3-4'(50'* !"#$%&'#()*+,640,*7$"0*(26&&%.,-(','"0

    -./01,U

    B0?.26720.5B.B3;;02056>Da0463J0L=053C?80C05635/?>8343096>97??>26.4>C?06363J05.672.8

    /.9C.2M06:G>J025C056.463>5 39504099.2A6>420.60.62.59?.2056.5B 80J08?8.A35/;308B6=.6

    35420.9094>C?06363>5D06L00597??83029.5B4>597C029:

    '5420.935/ 4>C?06363>5 35 6=0 5.672.8 /.9 C.2M06 39 . ?2>4099 797.88A 906 35 C>63>5 DA 6=0

    />J025C056[D76

    7863C.608A

    500B35/

    6>

    D0

    908;

    9796.350B

    DA

    6=0

    C.2M06

    35

    L=34=

    6=0

    />J025C056

    =.9.97?02J39>2A2>80\%1216=2>7/=.4>C?06363>5.76=>236A]:J025C056c9

    2>8036908;L3889=3;6B7235/6=39?2>4099;2>CD035/6=0C.2M06\6=2>7/=.96.604>C?.5A>2>6=02

    05636A]6>.20/78.6>26=.60;;0463J08AC>536>29.5B90696=027809[6>;35.88A.2>8093C38.26>6=.6>;

    .4>C?06363>5.76=>236A:

    ;./.90I4=.5/0L36=.9?>6.5B;767209C.2M066=.6?2>J3B09.2083.D80?2340

    93/5.8 394>593B020B 6>D0.M0A.6623D760>;.4>C?06363J05.672.8/.9C.2M06:5.8

    .5B96274672.820P7320C0569;>2.B020/78.60BL=>809.805.672.8/.9C.2M066=.6396=0;>75B.63>5

    >;.5.672.8/.90I4=.5/0.20906>76D08>L:)*

    :,(#1#$#10,"&%*;$1%*+*,#(#0/%*"#*"J025C056.8C35B906

    6=.6L388D04.2230B>5 6=2>7/= 6=0 209?0463J05.672.8/.9C.2M06/>J02535/05636309: '6.89>

    3C?8309.9=3;6;2>CB32046?>834AC.M35/.5BC.2M0635J>8J0C0566>C.2M06C>536>235/6=2>7/=

    .5

    35B0?05B056

    .563

    62796

    ./054A:

    W>L0J02[

    6=0

    ?.263478.2

    359636763>5.8

    .22.5/0C0569

    6>

    L36=B2.L

    B32046/>J025C05635;870540;2>C6=0C.2M06C.AB3;;0293/53;34.568A.C>5/4>7562309:

    Y"&*.*,'%(%8,.*(0&%.,*(27%;;".7'*$*7,'#','"0M 6=05.672.8/.9 35B7962A 39M5>L5 ;>2 369

    605B054A6>D0=.J0.9.5.672.8C>5>?>8A[935406=0=3/=4>969>;35;2.96274672035J096C0569

    ?2>=3D366=0B0J08>?C056>;?.2.880835;2.96274672096>97??8A6=09.C04796>C029\09?043.88A

    .6206.3880J08]:'639L3B08A204>/5390B6=.66=090J02634.88A3560/2.60B97??8A9A960C9500B6>D0

    D2>M057?:l=06=026=39D20.M7?39096.D839=0B6=2>7/=;788>L5029=3?75D75B835/>26=2>7/=

    ;35.543.890?.2.63>5\;2>C6=0C>6=024>C?.5A]393CC.6023.8[.98>5/.94>CC0243.8.5B62.59?>26

    .463J36309.20 275.9 90?.2.6005636309:)+Q7D90P70568A[ 6=0 35B0?05B056 62.59?>2605636AL388

    80JA.;.32.5B35B39423C35.6062.59C3993>5;00>5.?2>?>263>5.8D.939;>2.889=3??029:

    aH%$"0*$"&.'7"2".")-$*,'%(M?.26>; 6=0/>J025C056.8=.5B9>;;.??2>.4=L>78B 35J>8J0

    806635/6=0

    C.2M06

    906

    6=0

    L=>809.80

    ?2340

    80J08

    ;>2

    5.672.8

    /.9:

    78B

    3CC0B3.608A

    D20.M

    6=0;>2C02D75B80B[20/78.60B[5.672.8/.9?2340356>.62.59C3993>5?2340\6=2>7/=75D75B835/]

    .5B.L=>809.80?23406=.635487B094>CC>B36A[902J3409.5B.?2>;36C.2/35:'6L>78B.88>L8.2/0

    4796>C0296>900M6=097??83026=.64.5B083J026=0