Transportadora de Gas del Sur SA (TGS) 2025 Q2 法說會逐字稿

Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations. I would like to welcome everyone to TGS second-quarter 2025 earnings video conference. TGS issued its earnings release yesterday. If you did not receive a copy of the release, please contact us at [investore.tgs.com.ir].

大家早安。我是投資者關係主管卡洛斯·阿爾瑪格羅 (Carlos Almagro)。歡迎大家參加 TGS 2025 年第二季財報視訊會議。TGS 昨天發布了其收益報告。如果您沒有收到該發布的副本，請透過[investore.tgs.com.ir]與我們聯絡。

Before we begin the call, I would like to inform you that this event is being recorded. (Event Instructions) I would also like to remind you that forward-looking statements made during today's video conference do not account for future economic circumstances, industry conditions, or company performance and financial results.

在我們開始通話之前，我想通知您，此事件正在記錄。（活動說明）我還想提醒大家，今天視訊會議上做出的前瞻性陳述並未考慮未來的經濟狀況、行業狀況或公司業績和財務結果。

These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with International Accounting Reporting Standards, IFRS, and are stated in constant Argentine pesos as of June 30, 2025, unless otherwise noted.

這些聲明受到許多風險和不確定性的影響。除非另有說明，本文中包含的所有數字均按照國際會計報告準則 (IFRS) 編制，並以截至 2025 年 6 月 30 日的阿根廷比索不變價表示。

Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer. I will turn the video conference over to Mr. Basso. Alejandro, please begin.

今天，來自布宜諾斯艾利斯 TGS 的財務長 Alejandro Basso 也來到我們身邊。我將把視訊會議交給巴索先生。亞歷杭德羅，請開始。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss TGS '25 second-quarter earnings and highlights. To begin the call today, I will start by sharing some of the most recent news about the company.

謝謝你，卡洛斯。大家早安，感謝您今天加入我們討論 TGS '25 第二季的收益和亮點。今天電話會議開始時，我將首先分享一些有關公司的最新消息。

In terms of our natural gas transportation business, following the completion of the five-year tariff revision, with initial tariff charges beginning in May 2025, the Secretary of Energy modified the frequency of tariff inflation adjustments.

就我們的天然氣運輸業務而言，在五年關稅修訂完成後，初始關稅將於 2025 年 5 月開始實施，能源部長修改了關稅通膨調整的頻率。

In response to the ENARGAS' request, the rate will be now adjusted every month instead of every six months. As such, the ENARGAS will be adjusting the transportation tariffs every month considering the wholesale price and consumer price indexes monthly variations in equal proportions.

應 ENARGAS 的要求，費率將每月調整一次，而不是每六個月調整一次。因此，ENARGAS 將根據批發價格和消費者物價指數的每月變化按相同比例每月調整運輸費率。

As you remember, on March 7, we had a severe storm that flooded the Cerri Complex. Given the outstanding efforts made by our employees and suppliers, we managed to have the processing plant normally operating since early May.

大家還記得，3 月 7 日，一場嚴重的風暴襲擊了 Cerri 綜合大樓。在我們的員工和供應商的出色努力下，我們成功地使加工廠自 5 月初以來正常運作。

In terms of the private initiative submitted to the government back in June 2024 to expand the transportation capacity of the Perito Moreno pipeline by 14 million of cubic meters per day, ENARSA launched a tender offer in May. On July 28, we presented our bid with no other bidder. The project is scheduled to be awarded on October 13, and it involves the construction of three compressor plants as well as the expansion of the Tratayén compressor plant, totaling an additional 90,000 horsepower. In case we are awarded the project, we must commission the incremental capacity by April 2027, while operating and maintaining the Perito Moreno pipeline for a 15-year period.

就私人於 2024 年 6 月向政府提交的倡議而言，該倡議旨在將佩里托莫雷諾管道的運輸能力提高 1400 萬立方米/天，ENARSA 於 5 月啟動了招標。7月28日，我們提交了投標書，除其他投標人外，沒有其他投標人。該工程預計10月13日授標，涉及三座壓縮機廠的建設以及特拉塔延壓縮機廠的擴建，總計新增9萬馬力。如果我們贏得該項目，我們必須在 2027 年 4 月之前投入增量產能，同時在 15 年內營運和維護佩里托莫雷諾管道。

We will also be entitled to commercialize the incremental capacity for the same period, after which the facilities will revert to ENARSA. As you heard a couple of weeks ago, we are proud to announce that the National Executive Power has finally issued the Decree number 495 of the year 2025 and has officially extended our license for another 20 years from 2027 to 2047.

我們也將有權在同一時期內將增量產能商業化，之後這些設施將歸還給 ENARSA。正如您幾週前聽到的那樣，我們很自豪地宣布，國家行政權力終於頒布了 2025 年第 495 號法令，並正式將我們的許可證延長 20 年，從 2027 年到 2047 年。

Finally, and before we review the details of the quarter, on May 28, the Board of Directors approved a dividend payment of ARS200 billion, which was equivalent to approximately $170 million, and was paid on June 11.

最後，在我們回顧本季的細節之前，5 月 28 日，董事會批准派發 2,000 億阿根廷比索的股息，相當於約 1.7 億美元，並於 6 月 11 日支付。

Moving to slide 4. I will briefly highlight the key financial results for the second quarter of 2025. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarters are expressed in constant Argentinian pesos as of June 30, 2025, following the provisions established by the IFRS for financial reporting in hyperinflationary economies.

移至幻燈片 4。我將簡要介紹 2025 年第二季的主要財務表現。請記住，本季度的所有數據以及與前幾季的比較均以截至 2025 年 6 月 30 日的阿根廷比索不變價表示，遵循國際財務報告準則 (IFRS) 為惡性通膨經濟體的財務報告製定的規定。

As seen in the slide, we reported a total net income of ARS40.3 billion during the second quarter of 2025 compared to ARS119.7 billion reported in the same quarter of 2024. This decline was mostly explained by a negative variation of ARS76 billion in financial results, mainly resulting from significant lower yields on the peso-denominated investments.

如投影片所示，我們報告 2025 年第二季的總淨收入為 403 億阿根廷比索，而 2024 年同期報告的總淨收入為 1,197 億阿根廷比索。這一下降主要是因為財務表現出現了 760 億阿根廷比索的負變化，這主要是因為以比索計價的投資收益率大幅下降。

Additionally, EBITDA decreased ARS32 billion for the Natural Gas Transportation segment and another ARS27 billion for the Liquids segment, both of which were partially offset by a ARS10 billion EBITDA increase in the Midstream business segment.

此外，天然氣運輸部門的 EBITDA 減少了 320 億阿根廷比索，液體燃料部門的 EBITDA 減少了 270 億阿根廷比索，但中游業務部門的 EBITDA 增加了 100 億阿根廷比索，部分抵消了上述減少。

Moving on to slide 5. EBITDA for Natural Gas Transportation business in the second quarter of 2025 totaled ARS85.6 billion, which compares to ARS119.2 billion recorded in the second quarter of 2024. The EBITDA reduction of ARS32 billion in the regulated business segment was mainly due to the transitional tariff adjustment from August 2024 to March 2025 and the inflation adjustment in June '25, which resulted in a total of 25%, and ARS23.7 billion revenues increase were insufficient to offset the 40% annual inflation, which generated a ARS49 billion revenue reduction. In addition, operating expenses and PP&E maintenance costs rose by ARS7.7 billion and ARS1.9 billion respectively.

轉到投影片 5。2025 年第二季天然氣運輸業務的 EBITDA 總計 856 億阿根廷比索，而 2024 年第二季為 1,192 億阿根廷比索。受監管業務部門的 EBITDA 減少 320 億阿根廷比索，主要是由於 2024 年 8 月至 2025 年 3 月的過渡性關稅調整以及 25 年 6 月的通貨膨脹調整，導致總計 25%，而 237 億阿根廷比索的收入增加不足以抵消 40% 的年度通貨膨脹，導致阿根廷收入減少 490 億阿根廷比索。此外，營運費用和 PP&E 維護成本分別增加了 77 億阿根廷比索和 19 億阿根廷比索。

On slide 6, you can see that the EBITDA for the Liquids business decreased by more than 50% to ARS25.3 billion during the second quarter of 2025 compared to ARS52.6 billion reported in the same quarter of '24. Most of the EBITDA decline was explained by the ARS16.6 billion extraordinary expenses incurred as a result of the flood occurred on March 7, and which should be recovered from the insurance company.

在第 6 張投影片上，您可以看到，2025 年第二季度，液體業務的 EBITDA 下降了 50% 以上，至 253 億阿根廷比索，而 2024 年同期為 526 億阿根廷比索。EBITDA 下降的主要原因是 3 月 7 日發生的洪水導致公司產生了 166 億阿根廷比索的額外支出，這些支出應從保險公司收回。

Monetary effects further reduced EBITDA by ARS11.3 billion. In addition, and following the climate event, the processing plant was not in operation until mid-April, and then gradually began operating until reaching normal capacity on May 7.

貨幣效應進一步導致 EBITDA 減少了 113 億阿根廷比索。此外，受氣候事件影響，該加工廠直到 4 月中旬才開始運營，然後才逐漸開始運營，直至 5 月 7 日達到正常產能。

As a result, the Liquids volume sales decreased by 39,000 metric tons from 250,000 metric tons sold in the second quarter of 2024 to 211,000 metric tons in the '25 second quarter, impacting our EBITDA nearly ARS10 billion.

結果，液體銷售量從 2024 年第二季的 25 萬公噸減少了 39,000 公噸，至 2025 年第二季的 211,000 公噸，對我們的 EBITDA 產生了近 100 億阿根廷比索的影響。

Another factor which affected EBITDA ARS6.3 billion was the impact of the natural gas price, which increased from $2.9 per million BTU to $3.3 per million BTU. These negative effects were partially offset by higher butane prices in the domestic market following the deregulation of the butane price under the Programa Hogar starting January '25, which allows us to sell at export parity price. In addition, in terms of our ethane sale contract, this quarter, we had a higher annual take-or-pay compensation amounting to ARS3.5 billion.

影響 EBITDA 63 億阿根廷比索的另一個因素是天然氣價格的影響，天然氣價格從每百萬 BTU 2.9 美元上漲至每百萬 BTU 3.3 美元。自 2025 年 1 月起，根據「全國計畫」放鬆了丁烷價格管制，使我們能夠以出口平價銷售，從而部分抵消了這些負面影響，因為國內市場丁烷價格上漲。此外，就我們的乙烷銷售合約而言，本季我們的年度照付不議補償金額更高，達到35億阿根廷比索。

Turning to slide 7. EBITDA from midstream and other services rose to nearly ARS52 billion compared to ARS41.5 billion in the second quarter of '24. This increase was mainly driven by higher sales derived from the incremental bill volume of natural gas transported and conditioned in Vaca Muerta totaling ARS19 billion.

翻到幻燈片 7。中游和其他服務的 EBITDA 增至近 520 億阿根廷比索，而 2024 年第二季為 415 億阿根廷比索。這一增長主要得益於瓦卡穆埃爾塔運輸和處理的天然氣增量帳單量增加，總額達到 190 億阿根廷比索。

Transported natural gas billed volume rose from an average of 25 million cubic meters per day in the second quarter of '24 to 30 million cubic meters per day during this quarter. The natural gas conditioning volume also increased from an average of 16 million cubic meters per day to 27 million cubic meters per day. This effect was partially offset by ARS6.2 billion in higher operating expenses and ARS3.5 billion negative monetary effect as inflation outpaced the foreign exchange rate increase.

運輸天然氣計費量從 2024 年第二季的平均每天 2,500 萬立方公尺上升至本季的每天 3,000 萬立方公尺。天然氣調節量也由平均每天1600萬立方公尺增加到每天2700萬立方公尺。由於通貨膨脹率超過外匯匯率上漲速度，導致營運費用增加 62 億阿根廷比索，貨幣效應為 35 億阿根廷比索，因此這種影響部分抵銷。

As seen on slide 8, we recorded a negative variation in the financial results amounting to ARS76 billion. This was mainly due to a ARS16 billion decline in income from financial assets given the much lower yields of the domestic financial investments.

如投影片 8 所示，我們記錄的財務表現負變化達 760 億阿根廷比索。這主要是由於國內金融投資收益率較低，導致金融資產收入減少了160億阿根廷比索。

Additionally, we recorded a higher foreign exchange loss of ARS15.7 billion in the second quarter of '25 following the Central Bank's decision to float the USD exchange rate -- the dollar exchange rate in early April. This led to a 12% increase in the '25 period compared to 6% in the same quarter of '24 under the previous regime of 2% monthly crawling peg. These negative effects were partially offset by the ARS4.2 billion lower inflation exposure loss.

此外，在阿根廷央行於 4 月初決定浮動美元匯率（即美元匯率）之後，我們在 2025 年第二季錄得了更高的外匯損失，達到 157 億阿根廷比索。這導致 25 年期間人民幣匯率上漲了 12%，而先前實施 2% 月度爬行釘住匯率制度的 24 年同期人民幣匯率上漲了 6%。這些負面影響被 42 億阿根廷比索較低的通膨風險損失部分抵消。

Finally, turning to the cash flow on slide 9. Our cash position in real terms decreased by 33% or ARS339 billion during the second quarter of '25 to ARS676 billion, equivalent to approximately $565 million at the official exchange rate.

最後，我們來看看幻燈片 9 上的現金流。2025 年第二季度，我們的現金狀況實際下降了 33%，即 3,390 億阿根廷比索，降至 6,760 億阿根廷比索，以官方匯率計算約相當於 5.65 億美元。

EBITDA generation during the second quarter amounted to almost $163 billion, of which 53% was generated by the regulated transportation business and 47% by the non-regulated businesses. CapEx for the period amounted to ARS55 billion. Working capital increased by ARS19 billion, and we paid dividends amounting to ARS103 billion and income tax payments of ARS197 billion.

第二季的 EBITDA 創收近 1,630 億美元，其中 53% 來自受監管的運輸業務，47% 來自非監管業務。該期間的資本支出達 550 億阿根廷比索。營運資本增加了 190 億阿根廷比索，我們支付了 1,030 億阿根廷比索的股利和 1,970 億阿根廷比索的所得稅。

This concludes our presentation. I will now turn it over to Carlos, who will open the floor for questions. Thank you.

我們的演講到此結束。現在我將把時間交給卡洛斯，他將開始回答問題。謝謝。

Thank you, Alejandro. The floor is now open for questions. (Event Instructions) The first question is from Florencia Mayorga with MetLife. She asks if we can confirm impairment in the second Q related to the climate event.

謝謝你，亞歷杭德羅。現在開始接受提問。（活動說明）第一個問題來自大都會人壽的 Florencia Mayorga。她問我們是否可以確認與氣候事件相關的第二個 Q 中的損害。

Hi, Florencia, how are you doing? As we said in the call, the impact on the quarter was ARS16.6 billion extraordinary expenses incurred by the flood.

你好，弗洛倫西亞，你好嗎？正如我們在電話會議中所說，本季受到的影響是洪水造成的 166 億阿根廷比索的額外支出。

A second question from Julián Casas from Latin Securities. If we can share any update or timeline regarding the NGL project.

第二個問題來自拉丁證券公司的 Juliá n Casas。如果我們可以分享有關 NGL 專案的任何更新或時間表。

Okay. We are currently evaluating the cost, and waiting for certain bids related to the assembling of the plants that are involved in that project. We are expecting to have results by the end of September.

好的。我們目前正在評估成本，並等待與該項目所涉及的工廠組裝相關的某些投標。我們預計九月底就能得到結果。

Hi. Bruno Montanari from Morgan Stanley. His first question is regarding the current level of EBITDA. Emissions is sustainable at current levels?

你好，摩根士丹利的 Bruno Montanari。他的第一個問題是關於目前的 EBITDA 水準。目前的排放量是否可持續？

Hi, Bruno. Well, this quarter, we had a very good EBITDA in the midstream services. Nevertheless, we expect that this business will continue to grow in the future.

你好，布魯諾。嗯，本季度，我們的中游服務 EBITDA 非常好。儘管如此，我們預計這項業務未來將持續成長。

His second question is regarding the full recovery of profitability in the NGL segment.

他的第二個問題是關於 NGL 部門獲利能力的全面恢復。

As we said, we started full operations on May 7. So from that moment on, we are having full operational activity in the plant.

正如我們所說，我們於 5 月 7 日開始全面運作。從那一刻起，我們的工廠就開始全面進行營運活動。

[Raul Ignacio] from (inaudible). His first question is regarding the increase in the cost in general, if we could share more details about those changes this quarter?

[勞爾·伊格納西奧]（聽不清楚）。他的第一個問題是關於整體成本的增加，我們是否可以分享有關本季這些變化的更多細節？

Okay. You have to take into consideration that the tariff revision, the full tariff revision started in April 1, okay? So in this quarter, we are spending what we estimated in the tariff revision process. It is different than what we had last year, where we are under a transitional period regarding the transportation business.

好的。您必須考慮到關稅修訂，全面關稅修訂將於 4 月 1 日開始，好嗎？因此，本季我們的支出與關稅修訂過程中預估的相同。這與去年的情況不同，當時我們正處於運輸業務的過渡期。

His second question is regarding the insurance related to the incident at Complejo de Cerri covering both damages and loss of income. Is there any -- you will receive any compensation or what is the current status of the insurance?

他的第二個問題是關於Complejo de Cerri事件的保險，該保險涵蓋損害賠償和收入損失。您會收到任何賠償嗎？或保險的當前狀況如何？

Okay. The insurance people have been working in Cerri. They have reviewed the damages. Everything is okay up to now. We are expecting that they will come with their numbers maybe in two, three, four months. Nevertheless, we may have some advance of the recovery.

好的。保險人員一直在塞里工作。他們已經審查了損失情況。到目前為止一切都很好。我們預計他們可能在兩、三、四個月內抵達。儘管如此，我們的復甦可能仍會取得一些進展。

As you may know, our insurance covered all the expenses above $1 million. In the case of the loss of income or business interruption, our business interruption was just 17 months that we have as deductible in the insurance policy. So we are not expecting a lot of recovery in that regard.

您可能知道，我們的保險涵蓋了超過 100 萬美元的所有費用。在收入損失或業務中斷的情況下，我們的業務中斷僅為 17 個月，這是我們在保險單中扣除的金額。因此，我們並不期望這方面會出現很大的復甦。

Hello, Matías Cattaruzzi from Adcap Securities. His question is regarding the outlook for the regulated transportation segment in the third Q of '25. Considering the lagging tariff update, we expect the EBITDA to go back to the first Q of '25 figures or stay similar to second Q of '25 figures?

您好，我是 Adcap Securities 的 Matías Cattaruzzi。他的問題是關於 2025 年第三季受監管運輸部門的前景。考慮到關稅更新滯後，我們預計 EBITDA 將回到 2025 年第一季的數字或與 2025 年第二季的數字保持相似？

Hi, Matías. As I said, we currently are having the monthly inflation adjustments. So regarding revenues, it will depend on the level of adjustment that you know is 50% CPI and 50% wholesale price index as compared with the CPI that is the index used by the adjustment in financial statements. Regarding full EBITDA, as I said, the level of expenses is higher now that we are under the tariff revision process, okay?

你好，馬蒂亞斯。正如我所說，我們目前正在進行每月的通貨膨脹調整。因此，就收入而言，這將取決於調整水平，即 50% 的 CPI 和 50% 的批發價格指數，而財務報表中調整所使用的指數是 CPI。關於全部 EBITDA，正如我所說，現在我們處於關稅修訂過程中，費用水平更高，好嗎？

And his second question is regarding the Perito Moreno pipeline tender. As the early bidder, when we expect the contract to be awarded?

他的第二個問題是關於佩里托莫雷諾管道招標。作為早期投標人，我們預計何時能獲得合約？

As I said in the call, we are expecting the scheduled date is October 13. Nevertheless, it could be earlier than that. I don't think so, but maybe later than that, okay? It's not a fixed date. But as we are the only bidders, it should be easier to go quicker with the award.

正如我在電話中所說，我們預計預定日期是 10 月 13 日。不過，也可能比這更早。我不這麼認為，但也許會晚一些，可以嗎？這不是一個固定的日期。但由於我們是唯一競標者，因此應該更容易更快獲得獎項。

A more specific question regarding NGL project. How are discussions with President progressing? Are there any signals on the scale of potential timing of the financial investment decision?

關於 NGL 專案的一個更具體的問題。與總統的討論進度如何？是否存在金融投資決策潛在時機規模的訊號？

Well, I cannot anticipate any results from the discussion. We are working with the gas producers. We are working with the cost of the project. We are expecting maybe at the end of this year to go ahead with the project.

嗯，我無法預期討論會有什麼結果。我們正在與天然氣生產商合作。我們正在處理該項目的成本。我們預計也許在今年底就能啟動該計畫。

The next question is from Santiago Reyna from Atalaya. His first question is regarding the past Bahia Blanca event. What was the total effect on cost for the maintenance tuning of the Cerri Complex?

下一個問題來自阿塔拉亞 (Atalaya) 的聖地亞哥雷納 (Santiago Reyna)。他的第一個問題是關於過去的巴伊亞布蘭卡活動。Cerri 綜合設施的維護調整對成本的整體影響為何？

Hi, Santiago. Well, we are estimating a total cost of around -- approximately $40 million for all the expenses and also the impairments of assets.

你好，聖地亞哥。嗯，我們估計總成本約為 4000 萬美元，包括所有費用和資產減損。

His second question is regarding the ship-or-pay contract compensation. What was the amount received for that concept?

他的第二個問題是關於「船付合約」賠償的問題。這個概念收到了多少金額？

It was $7 million.

金額是 700 萬美元。

And well, his third question, which client caused the deterioration of account receivables for the regulated transportation segment?

那麼，他的第三個問題是，哪個客戶導致了受監管運輸部門應收帳款的惡化？

It was Albanesi, the marketer, okay? So that's what we have to do to book the bad debt allowance. Nevertheless, we have recovered in cash 50% of that, which should be accounted for in the next two years, because it's related to an anticipation of revenue that they have.

他是行銷人員阿爾巴內西 (Albanesi)，對吧？這就是我們要做的，以提列壞帳準備金。儘管如此，我們已經以現金形式收回了其中的 50%，這應該在未來兩年內得到核算，因為這與他們預期的收入有關。

Next question from Juan Ignacio Lopez from PUENTE. His question is regarding the status of the Perito Moreno pipeline.

下一個問題來自 PUENTE 的 Juan Ignacio Lopez。他的問題是關於莫雷諾管道的現狀。

Well, the date for the project next schedule was explained, that will be on October 13. Regarding the CapEx, we also say that it's around $500 million, okay? In the case of the Perito Moreno pipeline (inaudible), we have $200 million in the finance tranches.

好的，專案下一個計劃的日期已經說明，那就是 10 月 13 日。關於資本支出，我們也說它大約是 5 億美元，好嗎？就佩里托莫雷諾管道（聽不清楚）而言，我們的融資部分為 2 億美元。

Mathieu's two questions regarding the same question that we answered before. His additional question is regarding exercising incremental capacity option and what are the drivers to check the decisions.

Mathieu 提出的兩個問題與我們之前回答過的同一個問題有關。他的另一個問題是關於行使增量容量選擇權以及檢查決策的驅動因素是什麼。

Regarding the optional additional capacity, it will depend on the open season that we are going to run once we are awarded, okay? So it will depend on that.

關於可選的額外容量，這將取決於我們獲得獎勵後要運行的開放季節，好嗎？所以這取決於這一點。

Well, another question from Florencia Mayorga from MetLife. What's our expectation in regulated EBITDA after tariff process done?

嗯，大都會人壽的弗洛倫西亞·馬約加 (Florencia Mayorga) 又問了一個問題。關稅流程完成後，我們對受監管的 EBITDA 有何期望？

Florencia, see, we're expecting $300 million annually. Obviously, it will depend on inflation and FX on Argentina then.

弗洛倫西亞，你看，我們預計每年的收入為 3 億美元。顯然，這將取決於阿根廷的通貨膨脹和外匯狀況。

And a question from Guido Bizzozero from Allaria. How do we expect to finance the iniciativa privada project, which will be in pipeline? Awarded cash and debt percentage?

還有來自 Allaria 的 Guido Bizzozero 提出的問題。我們如何為正在籌備的 iniciativa privada 項目籌措資金？授予現金和債務百分比？

We are expecting to finance the imports from that project that are around $70 million. And then beyond that, we are going to use our own cash. And nevertheless, it will depend on if we are going to have other projects like the NGL project, obviously. So in that case, we may decide to have additional financing for the private initiative project also.

我們預計將為該項目的進口提供約 7000 萬美元的融資。除此之外，我們還將使用自己的現金。然而，這顯然取決於我們是否會有其他項目，例如 NGL 項目。因此在這種情況下，我們也可能決定為私人倡議項目提供額外融資。

His second question is regarding when we expect this project will start to generate cash flow considering the 18 months (inaudible).

他的第二個問題是，考慮到 18 個月的（聽不清楚）。

By April '27.

到 27 年 4 月。

Well, there's no more questions. Thank you for attending the call. And this concludes the question-and-answer section. Now we will turn to Alejandro for final remarks.

好了，沒有其他問題了。感謝您參加電話會議。問答部分到此結束。現在我們請亞歷杭德羅做最後的演講。

Well, thank you all for participating in TGS second-quarter 2025 conference call. We look forward to speaking with you again when we release our 2025 third-quarter results. If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department. Have a good day.

好吧，感謝大家參加 TGS 2025 年第二季電話會議。我們期待在發布 2025 年第三季業績時再次與您交談。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。祝你有美好的一天。