Petronet LNG’s profit drops, Dahej expansion on track

Petronet LNG's profit drops, Dahej expansion on track

Petronet LNG, India’s largest importer of the chilled gas, posted a net profit of Rs. 248.85 crore for the quarter ended September 30, 5 percent down as compared to 2014. 

The company’s revenues fell 31.2 percent to Rs 7544.97 crore during the quarter from Rs 10979.96 crore in the same quarter last year.

Petronet LNG said in its results report released on Monday that its regasified LNG offtake under long-term contracts with off-takers was about 68 percent of the quantity planned for the nine months ended in September.

This led to lower offtake of LNG by Petronet under its long-term contract with RasGas of Qatar, the report said.

Despite the reduction in the offtake, the company’s Dahej LNG terminal has operated at around 120 percent of its nameplate capacity.

The total volume regasified at the Dahej LNG terminal during the quarter ended September was 154 thousand British thermal units, the company said.  Kochi terminal, however, handled only 2.70 tBtus of LNG.

Petronet LNG added that the work for the expansion of the Dahej terminal from 10 mtpa to 15 mtpa is going on as per schedule and it is expected that this capacity expansion will be completed by the end of 2016.

The company has also initiated the process for selection of EPC contractors for further expansion of the Dahej terminal to 17.50 mtpa.

1 Indian rupee = 0.015427 USD

LNG World News Staff; Image: Petronet LNG

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