Petronet Q1 profit up 43% at Rs 56.08 cr
Petronet, which in May regassified a cargo imported by state gas utility GAIL at its Dahej terminal in Gujarat, posted a 43 per cent jump in its net profit to Rs 56.08 crore in April-June quarter, a company press release said.
By PTI |
NEW DELHI: Petronet LNG Ltd, country's largest liquefied natural gas importer, on Wednesday said it imported two spot cargoes of LNG in July this year.
Petronet, which in May regassified a cargo imported by state gas utility GAIL at its Dahej terminal in Gujarat, posted a 43 per cent jump in its net profit to Rs 56.08 crore in April-June quarter, a company press release said.
The income from operations included Rs 8.34 crore revenue from regassifying a spot cargo of LNG.
PLL imports 5 million tonnes per annum (mmtpa) of LNG from RasGas of Qatar under a long-term contract. It earned an additional Rs 8.34 crore from regassifying a spot cargo of LNG imported by GAIL in Q1.
"By regassifying additional quantity... the company established Dahej capacity at 6.5 mmtpa," PLL director (finance and commercial) Amitava Sengupta said.
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"Company has also received two LNG Spot cargos at a very competitive price in the current quarter," the release said but did not give details.Petronet currently accounts for almost 25 per cent of natural gas supplies in the seven Western, central and north Indian States and is raising Dahej terminal capacity from from 5 mmtpa to 12.5 mmtpa using excellent economies of scale.
It is also setting up a LNG terminal at Kochi of 2.5 mmtpa capacity, scaleable up to 5.0 mmtpa.
The work for expansion of Dahej LNG has already started and would be completed by July 2009.
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"The company has started discussion with lenders for financing and has signed a mandate letter with International Finance Corporation, Washington for providing 100 million dollar long term loan to part finance Kochi Project," Sengupta said.Start a SIP with as low as ₹500 with ET Money App!
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