Petronet LNG, the nation’s largest importer of liquefied natural gas, reported 19% rise in net profit in the fourth quarter of 2011-12 on back of higher volumes.
Net profit in January-March at Rs245.12 crore was 19% higher than Rs206.27 crore in the same period a year ago, Petronet LNG managing director and CEO AK Balyan told reporters.
“We imported and regassified 135 trillion British thermal units (TBtus) against 126 TBtus in the corresponding quarter last year,” he said. With the increase in volume, turnover of the company rose 60% to Rs6,375.43 crore.
“During the financial year ended 31 March 2012, the company operated at 107% of its capacity (name plate capacity of the Dahej terminal being 10 million tonnes per annum) and processed a total volume of 5489 TBtus against a total re-gasification volume of 440 TBtus in the previous year,” he said.
Petronet imported 171 shiploads of LNG (natural gas turned into liquid form at minus 160 degrees temperature for ease of transportation in ships) under the 7.5 million tonnes a year long-term import contract with RasGas of Qatar. Another 34 cargoes were imported from the spot market.
The Dahej terminal also received another 21 cargoes that were imported by state-owned gas utility GAIL India and Gujarat State Petroleum Corp (GSPC).
Petronet plans to expand the Dahej terminal in Gujarat to 15 million tonnes at a cost of Rs4,000 crore.
This includes Rs1,000 crore towards cost of building a third jetty at the port. About Rs2,000 crore of the funds would be raised as debt in 3-4 months time, Petronet director (finance) RK Garg said adding another Rs 4,000 crore would be invested in terminal on east coast.
Petronet is also building a 5 million tonnes capacity import terminal at Kochi. The third terminal at Gangavaram in Andhra Pradesh would have an equal capacity and would take 3-4 years to build.
The financial closure of Kochi terminal has already been completed. The company would raise Rs3,000 crore in debt for the east coast terminal. This would be done some time in the next year.
Net profit in January-March at Rs245.12 crore was 19% higher than Rs206.27 crore in the same period a year ago, Petronet LNG managing director and CEO AK Balyan told reporters.
“We imported and regassified 135 trillion British thermal units (TBtus) against 126 TBtus in the corresponding quarter last year,” he said. With the increase in volume, turnover of the company rose 60% to Rs6,375.43 crore.
“During the financial year ended 31 March 2012, the company operated at 107% of its capacity (name plate capacity of the Dahej terminal being 10 million tonnes per annum) and processed a total volume of 5489 TBtus against a total re-gasification volume of 440 TBtus in the previous year,” he said.
Petronet imported 171 shiploads of LNG (natural gas turned into liquid form at minus 160 degrees temperature for ease of transportation in ships) under the 7.5 million tonnes a year long-term import contract with RasGas of Qatar. Another 34 cargoes were imported from the spot market.
The Dahej terminal also received another 21 cargoes that were imported by state-owned gas utility GAIL India and Gujarat State Petroleum Corp (GSPC).
Petronet plans to expand the Dahej terminal in Gujarat to 15 million tonnes at a cost of Rs4,000 crore.
This includes Rs1,000 crore towards cost of building a third jetty at the port. About Rs2,000 crore of the funds would be raised as debt in 3-4 months time, Petronet director (finance) RK Garg said adding another Rs 4,000 crore would be invested in terminal on east coast.
Petronet is also building a 5 million tonnes capacity import terminal at Kochi. The third terminal at Gangavaram in Andhra Pradesh would have an equal capacity and would take 3-4 years to build.
The financial closure of Kochi terminal has already been completed. The company would raise Rs3,000 crore in debt for the east coast terminal. This would be done some time in the next year.
Next Story
