Petronet LNG appoints Prabhat Kumar Singh as MD

NEW DELHI: The board of directors of Petronet LNG has appointed Prabhat Kumar Singh as the new managing director of the company, which pioneered the import of liquefied natural gas into the country.

Singh, currently director for marketing at state-run Gail India, will lead the company at a challenging period as Petronet LNG is facing a probe for irregularities in the purchase of natural gas in the past, while some of Petronet’s own promoters are planning to build their own LNG terminals that will compete with the company. Petronet LNG is also locked in a contract that forces it to pay the highest LNG price in the world at a time gas prices are sharply down, analysts say.

The board of directors had set up a search committee earlier this year, but it could not select a candidate. Subsequently, in the last week of April, the board which was then chaired by former petroleum secretary Saurabh Chandra decided to enlarge the selection panel and consider more candidates. Singh succeeds AK Balyan, who completed his term and joined the Anil Ambani group.

Many other candidates had applied for the job. These include former SAIL chairman CS Verma and several directors in staterun energy firms. Petroleum minister Dharmendra Pradhan told Parliament in April that a committee was probing alleged irregularities in the purchase of natural gas by Petronet and that its findings were being examined in consultation with the Central Vigilance Commission.