Petronet LNG powers India with 97 per cent capacity operation
18 Oct 2013 11:52 PM GMT
The company's total volume regasified during the quarter was 123 TBTUs leading to a turnover of Rs. 9,493 crores which is an increase of over 26 per cent over the corresponding quarter last year. The increase in turnover is on account of depreciation of Rupee against US dollars and increase in prices of LNG under the long term LNG SPA of the company.
The company reported a net profit Rs 182 crores for the quarter ended 30 September, 2013 as compared to a net profit of Rs 315 crores in the corresponding quarter last year. The decrease in net profit is primarily due to lower capacity utilisation and higher depreciation and interest charges on account of capitalization of the Kochi LNG terminal.
The company has successfully commissioned the 5 MMTPA LNG terminal at Kochi during September 2013. It will be operating the Kochi plant at a low capacity initially and the volumes will ramp up when pipeline connectivity to Kochi-Koottanad-Bangalore-Mangalore pipeline of GAIL is made. Considering the demand of natural gas in the country, company has already initiated the process to further expand the capacity of Dahej Terminal to 15 MMTPA.
The board of directors, in its meeting held on Friday approved the award of EPC contract for construction of two storage tanks for Dahej expansion. Process of evaluation of the second EPC bid for regasification package is under evaluation and it is also expected to be finalised soon.
The board of directors also approved award of a long-term time charter for the company’s fourth LNG vessel which will carry LNG from Gorgon, Australia to Kochi. The delivery of the vessel will synchronize with the start of LNG supply from Gorgon.
The work on second LNG Jetty at Dahej is going on as per schedule and it is expected to be commissioned by May 2014.
The company said that the work on its third LNG terminal proposed at Gangavaram in Andhra Pradesh is progressing satisfactorily.
It will soon shortlist potential EPC bidders for the LNG storage tanks, regasification and marine portions of the project. Ministry of Environment and Forests, union government, is expected to take up the company’s proposal for award of environment clearance for the project soon.
The company reported a net profit Rs 182 crores for the quarter ended 30 September, 2013 as compared to a net profit of Rs 315 crores in the corresponding quarter last year. The decrease in net profit is primarily due to lower capacity utilisation and higher depreciation and interest charges on account of capitalization of the Kochi LNG terminal.
The company has successfully commissioned the 5 MMTPA LNG terminal at Kochi during September 2013. It will be operating the Kochi plant at a low capacity initially and the volumes will ramp up when pipeline connectivity to Kochi-Koottanad-Bangalore-Mangalore pipeline of GAIL is made. Considering the demand of natural gas in the country, company has already initiated the process to further expand the capacity of Dahej Terminal to 15 MMTPA.
The board of directors, in its meeting held on Friday approved the award of EPC contract for construction of two storage tanks for Dahej expansion. Process of evaluation of the second EPC bid for regasification package is under evaluation and it is also expected to be finalised soon.
The board of directors also approved award of a long-term time charter for the company’s fourth LNG vessel which will carry LNG from Gorgon, Australia to Kochi. The delivery of the vessel will synchronize with the start of LNG supply from Gorgon.
The work on second LNG Jetty at Dahej is going on as per schedule and it is expected to be commissioned by May 2014.
The company said that the work on its third LNG terminal proposed at Gangavaram in Andhra Pradesh is progressing satisfactorily.
It will soon shortlist potential EPC bidders for the LNG storage tanks, regasification and marine portions of the project. Ministry of Environment and Forests, union government, is expected to take up the company’s proposal for award of environment clearance for the project soon.
Next Story
