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Petronet LNG registers net profit of Rs 257 crore in Q1

Press Trust of India  |  Mumbai 

Ltd, the nation's largest liquefied natural gas importer, today reported more than doubling of its net profit in the quarter ended June 30 on higher sales.

Net profit in April-June period rose to Rs 256.7 crore from Rs 111.37 crore a year earlier, Petronet Managing Director and CEO A K Balyan told reporters here.

"The profit has been higher because we were able to regassify and send out more volumes," he said, adding, Petronet's Dahej terminal processed 2.62 million tonnes (MT) of LNG in the quarter as compared to 1.87 MT an year-ago.

Balyan said Petronet plans to expand its Dahej terminal capacity to 15 MT a year from the current 10 MT per year by 2015.

Also, the company is looking at an up to 5 MT a year terminal on the east coast at a cost of  $1 billion, he said. "The Board today approved a detailed feasibility report (DFR) for the terminal on east coast."

The terminal will take up to five years to be built, he said, adding, pre-feasibility report had thrown 5-6 locations, including Kakinada in Andhra Pradesh.

The DFR will prioritiese the locations, Balyan said, adding that the Dahej expansion will be partly funded by state-run gas utilities GAIL and GSPC, who have sought dedicated capacity in the terminal for importing their own volumes.

A 5-MT capacity terminal is coming up at Kochi in Kerala by the end of 2012.

Balyan said Petronet is talking to countries like Qatar and Australia for long-term supplies.

Petronet currently imports 7.5 MT a year of LNG from Qatar on a long-term contract. Besides, it has tied up for importing 1.5 MT on a two-year contract with Spanish company Gas Natural.

The company in all will get 22 cargoes from Gas Natural, 12 in 2011 and the remaining 10 in next year. Petronet got its first cargo under the contract earlier this year and it was priced around $10.3 per million British thermal unit.

Turnover rose 83% to Rs 4,623.31 crore in the first quarter of 2011-12.

First Published: Wed, July 20 2011. 14:50 IST