Petronet LNG gains on LNG supply pact with US based firm

The company made this announcement during trading hours today, 25 April 2013.

Meanwhile, the S&P BSE Sensex was up 132.77 points or 0.69% at 19,312.13.

On BSE, 95,000 shares were traded in the counter as against average daily volume of 99,000 shares in the past two weeks.

The stock hit a high of Rs 138.40 and a low of Rs 135 so far during the day.

Petronet LNG said it has executed a preliminary conditional agreement with United LNG (a US based firm) for supply of around 4 MMTPA of LNG for supply for 20 years through the Main Pass Energy Hub, which is been jointly developed by United LNG and Freeport McMoRan Energy. The binding LNG SPA is yet to be executed and is expected by the end of this year, Petronet LNG said.

Petronet LNG's net profit rose 7.8% to Rs 318.50 crore on 33.8% growth in net sales to Rs 8375.31 crore in Q3 December 2012 over Q3 December 2011. The company announces FY 2013 results on 30 April 2013.

Petronet LNG was formed as a joint venture by the Government of India (GoI) to import LNG and set up LNG terminals in the country. The company set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and is in the process of building another terminal at Kochi, Kerala.

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