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Petronet LNG net up by 65% to Rs. 66 crores

Petronet LNG continues to enhance Shareholders' value by achieving a growth of 65% over the corresponding quarter of last year. Net Profit of the company was Rs. 66 crores corresponding to a turnover of Rs. 1383 crores. The Company sourced 3 Spot Cargoes at internationally competitive price during the quarter establishing its presence in the international LNG Spot Market. The Company achieved capacity utilization of 6.5 MMT equivalent annualized, by achieving gas evacuation of 24 MMSCM per day. The Company processed 71.04 Trillion BTUs as against 61.59 Trillion BTUs in the corresponding quarter of last year.

Mr. P Dasgupta MD & CEO informed that import of additional LNG quantities is very important to meet the country's growing gas demand and the Company is committed to procure additional SPOT Cargos in the coming months.

Mr. Dasgupta also informed that the rating agencies Fitch & ICRA have assigned long-term Corporate Rating of AA and short-term rating of F1+ indicating strong financial position of the company.

During the quarter Petronet has signed a 50: 50: Joint Venture agreement with Adani group for setting up a Solid Cargo Port at Dahej SEZ area. The Solid Cargo Port would have facilities to import/export bulk products like Coal, Steel, Fertilizer etc.

The expansion of the company's Dahej LNG Terminal is progressing on schedule and would be completed by December 2008 at a total cost of Rs. 1600 crores, financial closure in respect of which has been achieved at Sub-PLR rates. Petronet is also setting up a green-field LNG Receiving and Regasification Terminal at Kochi of initial capacity of 2.5 MMTPA, scaleable up to 5 MMTPA at a total cost of 2450 crores. The company plans to complete the Kochi terminal by the first quarter of 2010. The company has already completed pre-qualification of EPC Contractors & Shipping Time Charter for the Kochi LNG Terminal.

Source: Date: October 17, 2006
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