The Hindu Business Line : Petronet Q3 net rises 70 pc to Rs 85 cr

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New Delhi Jan. 24 Petronet LNG Ltd (PLL) has posted a 70 per cent increase in net profit at Rs 85.1 crore for the quarter ended December 31, 2006.

The company clocked a 53 per cent jump in turnover at Rs 1,585 crore for the quarter over the corresponding quarter last year.

The company said that it has further consolidated its market share by enhancing gas production to 79.49 trillion British thermal units (TBTUs) during the quarter under review, an increase of 12 per cent over the previous quarter.

The company sourced four spot cargoes at internationally competitive price, further strengthening its presence in the international liquefied natural gas (LNG) spot market.

Mr P. Dasgupta, Managing Director & CEO, said that the company is committed to source additional LNG to meet the country's growing gas demand particularly for the power and fertiliser sectors and therefore has completed certain de-bottlenecking which would enable to process two LNG spot cargoes per month.

Mr Dasgupta also said that during the quarter, Petronet has signed an MoU with Pragati Power Corporation Ltd, New Delhi (PPCL) for supplying 6.0 MMSCMD of R-LNG for their proposed power plant to increase supplies during scheduled Commonwealth Games 2010.

The company has also signed an MoU to establish a 50:50 joint venture with GSPC for construction of two storage tanks at an estimated cost of Rs 900 crore, which will provide much needed operational flexibility.

He further said that its Dahej Expansion and Kochi Terminal are progressing on schedule and would be completed by December 2008 and June 2010, respectively.

The company would account for approximately 33 per cent of the total gas supplies by 2011.

To provide flexibility in marine operation and to mitigate risk, Petronet also proposes to construct a second LNG berth at Dahej, requiring an investment of Rs 600 crore. An MoU in this respect has also been signed with Gujarat Maritime Board during the quarter.