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Petronet Q1 profit up by 43% with advent of First LNG Spot Cargo

Petronet LNG Limited has established yet another milestone in its chequered history by regasifying its first LNG spot cargo. During this quarter the company has achieved a turnover of Rs.1019 crores and a jump in net profit to Rs.56.08 crores by 43.31%.

Shri Amitava Sengupta, Director (Finance & Commercial) informed that by regassifying additional quantity and evacuating Regassified LNG at a 30% higher rate on a sustained basis, company established its capacity at 6.5 MMTPA. Company has also received two LNG Spot cargos at a very competitive price in the current quarter.

In this short period, ever since commencement of operations, LNG has become the most sought after fuel, and demand from existing, as well as new projects is increasing rapidly. Petronet currently accounts for almost 25% of natural gas supplies in the Seven Western, Central and North Indian States.

The regasified natural gas supplied by the company to several Industries in the country is immensely benefiting national economy as all these industries were earlier using liquid fuels (Naphtha and FO/LSHS) to meet fuel and feedstock requirement, which are much costlier.

The company is increasing the capacity of its Dahej LNG terminal from 5 MMTPA to 12.5 MMTPA using excellent economies of scale. Petronet is also setting up a LNG Receiving and Regasification Terminal at Kochi of 2.5 MMTPA capacity, scaleable up to 5.0 MMTPA. The work for expansion of Dahej LNG has already started and would be completed by July 2009. The company has already completed the pre-qualification of EPC Contractors & Shipping Time Charter in respect of Kochi LNG Terminal and has issued RFP to the bidders. The final award of EPC & Time Charter is to expected by November 06 & October 06 respectively. The company has started discussion with lenders for financing and has signed mandate letter with International Finance Corporation, Washington for providing US$ 100 Million long term loan to part finance Kochi Project."

Source: Date: August 2, 2006
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