Good day and welcome to the Industries Qatar Q4 2020 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Bobby Sarkar. Please go ahead, sir. Hi. Hello, everyone. This is Bobby Sarkar, Head of Research at QNB Financial Services. I wanted to welcome everyone to Industries Qatar's fourth quarter and fiscal year 2020 results conference call. On this call from QP's Privatized Companies Affairs Group, we have Mohammed Al-Suleiti, who is the Manager in Privatized Affairs, Abdulla Al-Hay, who is Assistant Manager in Financial Operations, and Riaz Khan, who is the Head of Investor Relations and Communications. We will conduct this conference with first management briefly reviewing the company's results, followed by a Q&A. I would like to turn the call over now to Riaz. Riaz, please go ahead. Thank you, Bobby. Good afternoon, and thank you all for joining us. Hope you're all staying safe. Before we go into the business and performance updates, I would like to mention that this call is purely for the investors of IQ, and no media representatives should be participating in this call. Moreover, please note that this call is subject to IQ's disclaimer statements as detailed on slide number two of the IR deck. Moving on to the call, on 8th February, IQ released its results for the year ended 31st December 2020. Today in this call, we'll go through these results and provide you an update on key financial and operational highlights of IQ. Today on this call, along with me, I have Mr. Mohammed Al-Suleiti, Manager, Privatized Companies Affairs, QP, and Mr. Abdulla Al-Hay, Assistant Manager, Financial Operations. We have structured our call as follows. At first, I will provide you with a quick insight on IQ's ownership structure, competitive advantages, overall governance, and BoD structure. Secondly, Mr. Abdulla will brief you on IQ's key operational financial performance metrics, and later, I will provide you with insights on segmental performance and CapEx updates. Finally, we will open the floor for the Q&A session. To start with, as detailed on slide number five of the IR deck, the ownership structure of IQ comprises of Qatar Petroleum with 51% stake, and GRSIA being the second largest shareholder with more than 21% stake. As detailed on slide number four, IQ is credit rated by S&P with A+ and Moody's with A1 credit rating with a stable outlook. Qatar Petroleum, being the main shareholder of IQ, provides most of the head office functions through a service level agreement. The operations of IQ Group companies are independently managed by its respective Board of Directors, along with senior management team. The BoD is structured as detailed on slide number six of the IR presentation. In terms of competitive advantages, as detailed on slide number seven, the Group is well-positioned with several competitive advantages it possesses strategically, operationally, as well as financially. These competitive advantages include an efficient and well-maintained asset base, a qualified and highly trained workforce, a short feedstock supply, along with competitively priced energy contracts, lower operating cost, a dedicated marketing team in form of Muntajat to market the Group's petrochemicals and fertilizers products, and most importantly, a well-experienced senior management team. These competitive advantages are not only aiding the Group to mitigate the threats enforced by the depressed macroeconomic conditions, but also keeps us well ahead of the competition and assures IQ's resilience in these difficult economic times while maintaining healthy EBITDA margins and generating strong free cash flows. In terms of governance structure of IQ, you may refer to slides 42 and 43 of the IR deck, which covers various aspects of IQ's code of corporate governance in detail. I will now hand over to Abdulla. Salam alaikum. Thank you, Riaz. Good afternoon, and thank you all for joining us. To start with, IQ business performance for the financial year 2020 is a pure reflection of the challenging macroeconomic conditions, where an overall decline of 19% in term of bottom line profitability was noted in comparison to the same period last year, as detailed on slide number 13. Here, before we go deep dive into our 2020 financial results, I would like to mention that 2020 profitability and all the financial results discussed here are normalized after considering 25% profit from QAFAC for the first nine months period ended 30 September 2020 amounting to QAR 113 million. Where else the same was considered as part of routine earnings directly within the statement of change in equity in 2020 published financial statement prepared in line with the requirements of IFRS. The financial performance was impacted by uncontrollable external factors carried forward from last year, such as slowdown in global economies, limited GDP growth, and continued trade tensions. These macroeconomic adversities were further augmented in dual macro headwinds in form of unprecedented threat of COVID-19 pandemic, which affected our products demand due to geographic lockdown and ongoing volatilities in oil prices. All of these external factors directly translated to an increase in pressure on commodity prices for our products. At the group level, the blended selling price declined by 7% year-on-year basis and contributed to a QAR 622 million decline in the group net earnings for the year 2020, as you can see on slide number 14. As detailed on slide number 12, sales volume at the group level also declined by 17% compared to last year. The decline in sales volume was mainly attributed to the changes in QAFCO Train 1 to 4 gas sales and operating agreement and mothballing of certain steel facilities starting from Q2 2020. Also, the decline was attributed to the lower production level in PE and MTBE facilities due to maintenance shutdowns. There was partial offset due to increased volume related to QAFCO 25% acquisition. The decline in sales volume contributed to QAR 0.5 billion decline in the group net earnings for the year 2020, as you can see on slide number 14. The group production levels were down on 2019 by 8%. This decline was mainly attributed to the periodic plant maintenance, unplanned shutdowns, and mothballing of certain steel facilities. This was partially offset by an increased volumes related to QAFCO 25% stake acquisition effective from 1st January 2020. In addition, as detailed on slide number 14, profitability was negatively impacted due to recognition of one-off impairment losses of QAR 1.2 billion related to steel segment mothballing of certain facilities in Qatar and QAR 153 million of impairment losses in QMC. This was mainly offset on recognition of one-off fair value and bargain purchase gain of QAR 1.4 billion, which have been booked in line with the requirement of IFRS when accounting for the effect of transition from equity accounting to consolidation of QAFCO 100% stake and completion of the acquisition of 25 minority stake in QAFCO. In response to the spread of COVID-19, measures were taken to monitor the fluctuating business conditions and the threat posed by the spread of COVID-19 with a specific focus on protecting employees, assets, and operations. The group remained successfully in implementing these measures as there were no plant stoppage due to any demand-related reasons associated with COVID-19 pandemic, except for a planned shutdown of MTBE facilities for a certain period during Q2 and Q4 2020 due to commercial reasons. The impact of the group in relation to these temporary shutdown of MTBE facility has remained immaterial considering its overall contribution to the group volumes. In the current distressed situation, with the relentless support of our sales and marketing partners, the group ensured that all the sales contracted are effectively and efficiently secured and minimize the disruption to the marketing, warehousing, and logistics. Moving on to the quarterly performance. Compared to the third quarter of 2020, the group revenue and normalized net profit increased by 27% and 112% respectively. The recovery was mainly due to continued positive crude price trajectory, supply shortage, and demand recovery and further easing of lockdown along with the vaccines optimism. The profit improvement was also contributed by the recognition of the additional fair value bargain purchase gain amounted to QAR 246 million after recognizing an initial gain of QAR 1.16 billion in the previous nine months, which was partially offset by an additional depreciation charges of QAR 199 million on account of QAFCO purchase price allocation exercise. Moving on, the balance sheet remained healthy with liquidity at the end of December 2020 remained robust with no long-term debt on the group's balance sheet, including QAR 9.8 billion in cash and bank balances. Despite the challenging macroeconomic conditions, IQ free cash flow generation capability remained robust, and the group generated QAR 2.8 billion in term of free cash flow for the financial year 2020, as detailed on slide number 15 of the IR deck. Before we go into the segmental update, I would like to highlight some of the key initiatives as detailed on slide number 14, which the Group taken to ensure our resilience in challenging macroeconomic situations. These measures, including optimizing human resources structure, reducing direct costs in relation to utilities and maintenance, reducing non-production-related expenditure, including sale, marketing, corporate and administrative expenses. Similarly, the Group reviewed its CapEx program across all the segments and identified CapEx items that can either be avoided or deferred without affecting overall quality, safety, environmental aspects and reliability of the operations. For the year 2020, the Group managed to further reduce the overall controllable fixed operating expenditure by 2%. On overall basis, our base case strategy will continue to focus on market development, focusing on capturing new markets, creating market arbitrages, and bring logistic cost saving to the Group. We will also continue to focus on productivity and efficiency, again, via the long ongoing cost optimization program. I will now hand over to Riaz Khan to cover the segmental performance. Thank you, Abdulla. I will start with the petrochemicals segment as detailed on slide 24. The overall profitability of this segment has remained under pressure, with an overall decline in bottom-line earnings by 19% compared to last year. This was mainly due to softening demand for petrochemical products in key markets, excess capacities, combined with unprecedented dual headwinds in form of COVID-19 outbreak and oil price decline. Because of these external factors, the blended product prices in the petchem segment declined by 12% and mainly led to a decline in segmental revenues by 9% compared to last year. The sales volumes were marginally up by 3% compared to last year, mainly on the back of production volumes, which also increased by 4% as the segment had less number of shutdowns during the year. On a quarter-on-quarter basis, the segment reported a net profit of QAR 441 million for the fourth quarter of 2020, with a significant uplift of 40% versus third quarter of 2020. This increase was predominantly driven by a notable increase in product prices, especially polyethylene prices, specifically LDPE and LLDPE, have recovered significantly due to elevated macroeconomic sentiments with notable optimism. Sales volumes for the fourth quarter have also improved against a backdrop of renewed demand and increased by 4%. In terms of segment revenue by geography, as detailed on slide number 25, Asia remains the main market for PE and MTBE, whereas Indian subcontinent remains a key market for methanol and PE. Moving on to the fertilizer segment, as detailed on slide 29, the bottom-line profitability on a normalized basis improved by 3% year-on-year, mainly due to the effect of acquisition of QAFCO's 25% stake with effect from 1st of January 2020. The segment profitability was also impacted due to an impairment loss booked amounting to QAR 153 million in relation to QMC facilities. Average selling prices were down on last year by 6% due to weak seasonal demand, which outweighed the gradual easing of supply-side bottlenecks. Sales volumes were down by 7% due to the temporary gas processing arrangement for QAFCO trains one to four, which remained enacted until 31st of July 2020, wherein the related sales volumes were not recorded as part of the segmental volumes. Additionally, the sales volumes were also affected due to unplanned maintenance shutdowns during the year. This reduction was partially offset by additional volumes booked due to the acquisition of 25% stake in QAFCO and booking of 100% sales volumes for QAFCO trains one to four, starting from 1st of August 2020 under the new GSPA. Segmental revenue reached QAR 4.4 billion, up by 3% compared to 2019, mainly due to booking of revenues from QAFCO at 100%, with effect from 1st of January 2020. This was offset by decline in selling prices and change in revenue recognition methodology due to temporary gas processing arrangement of QAFCO trains one to four, applicable for the first seven months of 2020. Production volumes significantly up by 34% versus 2019 as a result of additional volumes relating to 25% stake in QAFCO. Production excluding the impact of acquisition remained flat despite the segment experienced some interruptions in terms of unplanned maintenance shutdowns during second half of 2020. Net profit for the fourth quarter of 2020 reached QAR 444 million, significantly increased compared to the third quarter of 2020. This increase was primarily driven by improved fertilizer price levels in Q4, together with marked uplift in the sales volumes, while booking of QMC-related impairment losses in Q3 also contributed positively towards the overall growth in profits for Q4. Selling price pickup was against a backdrop of limited supply in China due to winter supply cuts, as well as demand pickup in U.S. ahead of spring season, while the demand from India remained on a higher side throughout the year. Sales volumes, on the other hand, grew by 44% versus the previous quarter as the full effect of the new GSPA contributed positively towards the volume growth, along with the increased operating rates and a general uplift in the fertilizer demand also played a part. In terms of segment revenue by geography, as detailed on slide 30, North and South America remains the main market for fertilizer segment, along with Indian subcontinent and Asia. Now let's discuss the steel segment, where you may refer to slides 32 till 36. During 2020, the steel segment reported a net loss of QAR 1.3 billion for the financial year 2020, compared to a net profit of QAR 36 million for the last year. Selling prices improved by 6% in 2020 compared to last year, due to management's decision to predominantly cater local demand from the start of Q2, as the prices of steel tend to be higher in the domestic market than internationally. Sales volumes have also declined due to management's decision of mothballing certain facilities and reduced the nameplate capacity from 1.8 million metric tons of rebars per annum to 800,000 metric tons of rebar per annum. The operating cost remained higher as the segment sold some of the expensive inventories carried forward from the previous periods. This was offset by OpEx savings on account of facility mothballing and optimization initiatives recently implemented. On an overall basis, segment revenue was down by 41% on the back of decline in sales volumes. The segment reported a net profit of QAR 49.6 million for the fourth quarter of 2020, an increase of 90% versus the third quarter of 2020. This improvement was driven by a combined effect of significant increase in sales volumes and selling prices. Sales volumes have improved by 22% on Q3, while average selling prices have marginally improved by 1% versus the previous quarter. In terms of segment revenue by geography, as detailed on slide number 33, Qatar, along with Asia and Middle East, are the key markets for this segment. Moving on to the slide 38, an important point to note here that cash flow and CapEx figures for the years 2021 till 2025 are based on latest budgets and business plans approved, which was based on the expectations of the market conditions and commodity prices prevailing at the time of finalizing these budgets. With current market conditions and fluctuating commodity price trends, the forecast as detailed on this slide cannot be relied on with absolute certainty, where the actual realizations might significantly differ as compared to these projections. Now we will open the floor for the Q&A session. Thank you. If you wish to queue for a question, please signal by pressing star one on your telephone keypad. Again, that is star one to queue for a question. We'll take our first question from Mohammed Al-Tunayan of Jadwa Investment. Please go ahead. Yes, hi. Thank you everyone for having us on the call. First of all, congratulations on the set of results that you announced in the fourth quarter and the full year of 2020, despite several challenges witnessed during the year. I have three main questions. The first one is regarding, if you could please explain the QAR 199 million in additional depreciation during the fourth quarter, which was related to the PPA assigned to QATHEM. More importantly, should we treat this as a one-time, or will this significantly increase next year's depreciation? If you could share the approximate depreciation figure for next year versus this year, that would be appreciated. Okay. You wanna go question by question? Yeah. Okay, great. Abdulla Al-Hay can take. Okay. This $199 million, basically, when we conducted the purchase price allocation exercise, we completed the acquisition of the minority stake of 25% stake due to the deal terms of the assets, depreciation for this minority need to be booked at the head office level. This depreciation will be continued until the term of the acquisition for the next 16 years. It will be something continued. We should expect an increase in depreciation by $199 million going forward. This one, it was for 2020. I cannot give you an exact figure for the next year. However, the depreciation will be continued. I just note here, if you have a particular number in mind for future years? Not really, but. I think. QAR 199 was related. It will continue for the next three years. Around that number, we cannot give the exact numbers because it depends upon the movement in the assets also. Okay. Okay. Clear. Should we expect any further revaluation of the assets going forward? We don't expect any further revaluation of the assets unless something different happens in the market related to the product price or something else. However, as of now, we are satisfied with this evaluation. Okay. We note that CapEx as per the presentation for 2021 to 2025 is approximately $5.2 billion, while the company has significantly more cash on the balance sheet, $8.3 billion as of the end of 2020. Are there any CapEx or expansion plans going forward, or the company will prioritize dividends going forward for the excess cash that it generates? You know, every year we are reviewing our budget and business plan, where we do see an opportunity for any CapEx project. However, due to the macroeconomic situations as of now, all the CapEx that you have seen, which was the recent approved CapEx, we've been very carefully selected our CapEx item. We have deferred all the unnecessary CapEx projects that does not have in consideration without compromising to the safety and environment. Maybe just to add on to this answer. There are several, say, CapEx-related investments that are under review. Those are related to possibly what your question was referring to is if there are any capacity increases or any potential investments beyond the current asset base of IQ and joint ventures and subsidiaries. There are several investment opportunities that are in preliminary phases of review. What we show in front of you on this page is the approved plan of Capital Expenditure, which is purely limited to maintenance, CapEx and environmental-related. Okay. Can we know which segment that you're looking at going in terms of these possible or potential expansion? Sorry, we couldn't hear you very well. Which segment that you're focusing on in terms of the potential or possible expansion, whether it's in petrochemicals, the fertilizers? Well, the only, I'd say, investment now that on the surface and on the table is the fertilizer-related. To be proper? Pardon me. To be proper. It is a domestic use. Not clear, sorry. Sorry? My last question, which is related to the CapEx that you're showing. We see a significant amount of CapEx will be spent during 2021 and 2022, around QAR 1.5 billion-QAR 1.8 billion. Could you share with us? Okay, sorry. Sorry. Could you share with us. Guys, please. Whoever is talking, please mute so we can hear the questions clearly. Can you repeat the question? No, no, sorry, but some people are unmuted, and that's why we cannot hear you very clearly. Yes. Planned shutdown schedule for 2021 and 2022. Well, no, I can't really hear the question very well. I'm really sorry for that. If you can just repeat yourself. Sure. Can you hear me now? I can hear you, but it's not 100% clear. Maybe if you can try to get your voice a bit closer. Now it's better? Yes, much better. Sure. We have witnessed a CapEx of QAR 1.5 billion-QAR 1.8 billion in 2021 and 2022, which is significantly higher than the period of 2023 to 2025. We were wondering about your planned shutdown schedule for those two years and whether shutdowns are expected to materialize during these two years. For 2021 and 2022, the reason why you see a spike in CapEx-related shutdowns, there were two main factors. I'd say one is related to some deferments, given that we've delayed some of the turnarounds that were initially anticipated in 2020. That's due part to the plan of optimizing the CapEx in 2020 and deferring it into the next year just to try to, in a very efficient manner, manage our capital outlay versus our cash flow projections for the year. In addition to that, there were some delays as well envisaged on some of the plant turnaround due to the COVID-19-related restrictions as well of some of the contractors having issues repatriating the number of labor required for such a shutdown program. Yes, we do expect 2021 to be higher in terms of number as compared to 2022. You see some as well in 2021 and 2022, sorry, in comparison to 2020. Then from 2023 onwards, it goes back to the normal level. Can we know in which segments those shutdowns will occur or occurred already for 2021 and 2022? 2021, we have a major turnaround in QAFCO. I'm not sure if QAFCO has a main turnaround as well. Gentlemen, maybe you can confirm that. Confirm. Which year, sir? For 2021? 2021, we have a QAFCO turnaround, but I'm not sure when in QAFCO. Yes, QAFCO main turnaround is 2021. That comprises a major shutdown. QAFAC, there is no shutdown in 2021. QAFAC shutdown is in 2023. Okay. What happens in 2022? Whose plant shutdowns- 2022, we have QAFCO coming in. Some of the QAFCO plants, ammonia 5 and 6, I think, are coming in. I have the shutdown schedule here. The major one in 2022 is I can tell if you can continue with the other questions, I can have a quick look and let you all know. Could we know in which quarter of 2021? The shutdown, it was supposed to be originally in Q1, Q2, I think now it could be second half. Okay. Thank you very much. The 2022 shutdown is predominantly in fertilizer, and in 2021 also, we have ammonia and urea shutdown, in 2021 also. Since we have six trains, usually, a pair of train takes turns in each year. It answers. Okay, that was clear. Thank you. Thank you very much. Maybe we can go to the next question. Yes, we will now take our next question from Faisal Al-Asmari of Goldman Sachs. Please go ahead. Yes, hi. Congratulations on the strong set of numbers. Three questions, if I may. Maybe firstly, just on the CapEx related questions, just when looking at QAFCO, it has quite a high CapEx spend, and you kind of mentioned on the slide that there is around QAR 1.2 related to investments. Will that result in any improved or enhanced capacity, like or a debottlenecking, or is it just purely maintenance and the plants will still operate and produce the same level of production? As it is substantially higher than what we see in the other companies. My second question is relating to the minority stakes in QAFAC and QAFCO. Any guidance or direction we can get a sense of whether you might undertake a similar stake buyout similar to what you did with QAFCO last year. Is this something that is likely to materialize in the near term, or is it something more long term? Finally, just a question on dividends. We saw you this year kind of having a record payout. When thinking about 2021, do we continue to think about EPS as the baseline, or is there a possibility of linking the payout to free cash flow? Thank you. Okay. I think related to QAFCO being higher than the usual, I would assume that this is in relation to the ownership being 100% as opposed to 75% in the past. However, no capacity increases expected out of those investments and turnarounds across the QAFCO facility. Those are purely related to maintenance and some projects related to environmental as well. However, no capacity increases or debottleneckings assumed as part of those investments. Moving on to question two. We have similarly to QAFCO, QAFAC, we have a joint venture that matures in 2024. QAFCO joint venture matures in 2029, and then Qatofin in 2034. Some may be closer than others. However, I think, the strategy remains that we, at the time, of course, not today, however, at the time, there will be continuous discussion between IQ and QP to be able to overtake foreign ownership percentage, similar to what has happened in QAFCO. In the joint ventures, QP would assume the foreign ownership at the time of the foreign ownership exit. At the term of the joint venture expiry, QP should assume the ownership into those joint ventures or operating companies. Looking at QP's strategy today, similar to what has happened in QAFCO, it's more streamlined towards owning an indirect ownership into those operating assets through IQ. Rather than through IQ and directly through the companies. If this strategy continues to be in place, then yes, I would assume QAFAC and QAPCO, and the QAPCO as well, second layer company, Qatofin, should follow a similar method and similar strategy in relation to IQ. The appetite of IQ continues to be there. However, it will depend on QP's desire to let go of those shares and in those companies. Lastly, the question on dividend. Yes, the 100% payout, I think is a record payout compared to the previous years. It's a total payout of around QAR 2 billion as compared to 2.8 of free cash flow. I believe this is where your question is coming from. Going forward, would this continue to be the dividend strategy where we do not exceed the EPS and distribute free cash? Free cash, if you look at this year, I think we had a cash outflow during 2020. In relation to the 2019 dividends, which was around QAR 2.4 billion, we had around slightly above $1 billion if we account for both 25% QAPCO as well as the QMC share acquisition as well. It would really depend on what we have in our pipeline in relation to CapEx and whether any of those projects materialize in the future. Any capacity increases or any share increase in the operating companies. Or even if IQ would go on looking for further investments inorganically outside of those companies. If such capacity increases and growth is not there, then yes, I would assume that at some point, the IQ Board would consider distributing the free cash flow more than the EPS, not to retain much more of cash at hand at the IQ holding company. Thank you. We'll take our next question from Lee Beswick of QNB. Please go ahead. Hi. I've got two questions. The first is on slide 12, in relation to the temporary gas processing arrangement. Can you just explain exactly why the temporary gas processing arrangement was in place, and why IQ lost all of the revenue and cost for that period? The second question just relates to Qatar Steel. The new LNG trains that are due over the next few years are extremely steel-intensive in building. I was just wondering how the demand from that will affect the outlook for Qatar Steel over the two or three years. Okay. The first question, the temporary gas processing agreement was in line with the maturity of the joint venture. At the end of 2019, the joint venture has expired, so did the articles of association of the joint venture. Along with the gas agreement in relation to Qatofin 1 and 2, 4. Both IQ and QP's desire is always to lock feedstock arrangements on long-term, similar to all our other producing entities. Having a short-term arrangement was not an option, and especially that QP's desire of Yara continuing in the company at a similar ownership was not part of the discussion, given that there were different interpretation of the joint venture. It ended up with QP buying Yara out and then IQ taking over. As part of that transaction as well, we were able to lock the Gas Sales and Purchase Agreement. It's a 15 plus, I'd say, almost 16 years of a gas sales and purchase agreement, which gives us, as IQ, the security and the long-term visibility on our feedstock cost and operating cost arrangement. Of course, it's not an optimum structure. If we look at the first seven months of the year. Yet the arrangement, I would say, was a fair arrangement. We were getting around 6% margin from the revenue straight to your bottom line. Not accounting for any OpEx or CapEx in relation to Qatco 1 and 4. It was a fair arrangement as an interim until we reached that final mutual arrangement with QP further on. The second question. Can you just refresh my memory on the second question? Sorry. Qatar Steel. Yeah, sure. Qatar Steel. Yeah. Qatar Steel, yeah. The LNG trains. Correct. Qatar Steel, initially, the decision to mothball almost 50% of the facility was predominantly driven on shifting our strategy from maximizing production to maximizing profitability. We had a good year in, I'd say, 2018. 2019 was a bit of different experiences than we've had. The later part of 2019 was very challenging for Qatar Steel, given its ability to sell internationally at a price parity of how we're selling our products here in Qatar. The net back was negative on our operating cost or even our cash cost. We were running at a negative cash in relation to the portion that was sold internationally, which affected our overall profitability. We analyzed it, we deep dived into how Qatar Steel operates, we've looked into the specific markets regionally here in the GCC as well as internationally in Asia, which are some of the major markets that we've been selling either billets into or even bars. It was a decision to just cut our losses and focus on a more concentrated quantity in the region. I think if you. Sorry to interrupt. Yeah. Sorry to interrupt, my question related to Qatar Steel going forward, not the history. Yeah. I'm coming to it. The question is specifically about the LNG trains that are coming over the next few years. How much steel they'll need. Well, the LNG trains is part of the demand that we see. There are expected demands as well coming in either from now being able to sell into the GCC. Saudi remains to be a market that provides attractive prices, in relation to bars, likely higher than how much we were selling here in Qatar per ton. The demand for at least the quantity that we're producing now is not concerning. We're very comfortable to say that we believe the prices are very supportive. The demand as well is very supportive to the quantities that are produced domestically by Qatar Steel and other steel mills as well. If your question talks about current capacities, we don't see an issue why the current capacity is going to be a problem. If your question is also when does Qatar Steel intend to bring back full capacity, that would require a lot of studies and assessments, which is currently undergoing. We're looking at how can we bring back our production capacity back to the historical capacity, and how can we make sure that we're able to secure medium to long-term contracts of supplying billets to steel mills in the region, which supports us going back to 100%. Would that answer your question? There's been no discussion yet between the companies building the LNG terminals and Qatar Steel with regards to the steel requirements for those new LNG terminals that are coming in the next two or three years? No, not yet. That hasn't been a discussion point yet? No, nothing that has been brought to our attention yet. If any discussions are happening, they're happening at a very preliminary stage. Nothing that's committed or confirmed. Okay. Thank you. There are no further questions in the queue at this time. Hi. Hello, operator. This is Bobby again. If there are no further questions, I think we can stop the call for today. I want to thank the management for taking the time to answer all our questions, and I hope to interact with all of you next quarter. Thank you. Thank you, Bobby, and thank you, gentlemen, for attending the call, and ladies. Thank you. Thank you. That now concludes the call. Thank you for your participation. You may now disconnect. Thank you.