Millennium Post

Petronet LNG posts record net in Q2

Petronet LNG on Friday reported its highest quarterly profit of Rs 315 crore for the July-September period on the back of better margins and operational efficiency.Petronet LNG, the nation’s largest liquefied natural gas [LNG] importer, said net profit in July-September rose 21 per cent to Rs 315 crore from Rs 260 crore a year ago. ‘We operated [the 10 million tonnes a year] Dahej import terminal at 106 per cent capacity during the quarter,’ company Managing Director [MD] and Chief Executive Officer [CEO] A K Balyan told reporters here.Volumes imported remained flat at 135 trillion British thermal units but there was a 5 per cent increase in margin it gets on turning the liquid gas [LNG] back into its gaseous state.

Also, the firm got better trading margins on the ship loads or cargoes of gas-turned-into-liquid at minus 160 degrees Celsius, called LNG. Turnover soared 41 per cent to Rs 7,549 crore. The company had a forex gain of Rs 114 crore as against a loss of Rs 52.6 crore year-on-year. Petronet LNG, which is in expansion mode, will commission its second import terminal at Kochi in Kerala by the first quarter of 2013 calendar year, said Balyan, adding that the Dahej facility will be expanded to 15 million tonnes by 2015 and a third terminal is being planned at Gangavaram in Andhra Pradesh. He informed that the Kochi the terminal will operate only to less than a fifth of its 5 million tonnes a year capacity as the off-take infrastructure is not yet ready.State-owned gas utility GAIL India is laying pipelines connecting the Kochi terminal to consumers in two phases.

The first phase connecting four consumers like Kochi refinery and FACT Tranvancore would be completed by December-end.

Upon this, the Kochi LNG terminal will be comissioned but will operate at only 0.5-1 million tonnes capacity for the first year due to limitation of gas off-take.

The second-leg of the pipeline, which will connect Kochi to Bangalore and Mangalore, is expected to be completed by the next year-end, he said, adding that Kochi terminal would operate at fully capacity thereafter.
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