Actually Petronm free cash flow from operation is RM400 mil++ in 2016. My part 5 article mentioned free cash flow of RM300 mil is the average for the past 3 years. Last year capex (48mil) is lower compared to 2015 (68 mil), thus FCF is higher
Shell Europe biggest refinery aims to restart at the end of Aug (mean closure near to 1 month, from original plan of 2 weeks)
Actually if Petronm got planned shut down for maintenence is a positive point for me. This due to most likely no more shut down in Q3 for Petronm. Normally maintenence can make their machine more efficient and can make more profit in the current high margin time (average crack spread over USD11 in Q3 compared to USD8 in Q2)
Remember, petronm retail very like to record stock gain (due to our weekly petrol price increase a lot time during these two months). Also their Refinery will likely to record stock gain due to crude oil price is above USD48 in the end of Sept. What I can expect for short term Petronm future is very positive (Nov result)
Petronm can become debt free by Nov if they want to (now already net cash). With super high refinery profit margin in these two months, cash flow will be further increased to a very comfortable level by Nov. Remember their retail n commercial segment (I notice that a lot Airasia planes pump with Petrom fuel in KLIA2) are still expanding the market share with new petrol stations scheduled to be opened.