Petronet LNG energises quarterly turnover by 20% to Rs8,444 cr
31 July 2013 11:15 PM GMT
Petronet LNG Ltd, the nation's largest importer of liquid gas, on Tuesday reported a 20 per cent rise in its turnover to Rs 8,444 crore for the April-June period.
‘The increase in turnover during this quarter is mainly on account of increased price of LNG under the long term contract,’ Dr A K Balyan, CEO and managing director said.
‘ Considering the demand of natural gas in the country. We have already initiated the process to further expand the capacity of Dahej terminal to 15 MMTPA. The company has achieved financial closure for the expansion project by signing rupee term loan agreement of Rs 2250 crores with State Bank of India and HDFC Bank. Profits have been lower largely because of lower margins and also because our plant consumed more gas for operations,' he added.
Petronet's Dahej LNG import and regasification terminal processed 129.5 Trillion British thermal units of gas in Q1 as against a volume of 127.17 TBtus in the corresponding quarter. The company imports natural gas in its liquid form (LNG) in cryogenic ships and then turns it back into its gaseous state before supplying to consumers.
'We have completed financial closure for the expansion project that will cost Rs 3,000 crore,' he said. The company however reported a 17 per cent drop in its June quarter net profit on account of lower margins.
April-June quarter net profit at Rs 225 crore was lower than Rs 271 crore net profit in the same period a year ago. Balyan also said that the company's second terminal at Kochi in Kerala will be commissioned next month. 'We have contracted a caro (ship load) of liquefied natural gas (LNG) from RasGas of Qatar which will arrive on 10 August. It will take about a week to test and commission the facilities,' he said.
But the terminal will operate at just 7-8 per cent of the 5 million tonnes capacity in the first year of operation in absence of a pipeline to carry the fuel to Karnataka and Tamil Nadu, he said. State-owned gas utility GAIL has assured that the pipeline will be in place in a years time, he said adding gas currently will be sold to local chemical plant and refinery.
‘The increase in turnover during this quarter is mainly on account of increased price of LNG under the long term contract,’ Dr A K Balyan, CEO and managing director said.
‘ Considering the demand of natural gas in the country. We have already initiated the process to further expand the capacity of Dahej terminal to 15 MMTPA. The company has achieved financial closure for the expansion project by signing rupee term loan agreement of Rs 2250 crores with State Bank of India and HDFC Bank. Profits have been lower largely because of lower margins and also because our plant consumed more gas for operations,' he added.
Petronet's Dahej LNG import and regasification terminal processed 129.5 Trillion British thermal units of gas in Q1 as against a volume of 127.17 TBtus in the corresponding quarter. The company imports natural gas in its liquid form (LNG) in cryogenic ships and then turns it back into its gaseous state before supplying to consumers.
'We have completed financial closure for the expansion project that will cost Rs 3,000 crore,' he said. The company however reported a 17 per cent drop in its June quarter net profit on account of lower margins.
April-June quarter net profit at Rs 225 crore was lower than Rs 271 crore net profit in the same period a year ago. Balyan also said that the company's second terminal at Kochi in Kerala will be commissioned next month. 'We have contracted a caro (ship load) of liquefied natural gas (LNG) from RasGas of Qatar which will arrive on 10 August. It will take about a week to test and commission the facilities,' he said.
But the terminal will operate at just 7-8 per cent of the 5 million tonnes capacity in the first year of operation in absence of a pipeline to carry the fuel to Karnataka and Tamil Nadu, he said. State-owned gas utility GAIL has assured that the pipeline will be in place in a years time, he said adding gas currently will be sold to local chemical plant and refinery.
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