India’s Petronet LNG says quarterly profit, volumes down

India’s Petronet LNG reported an 11.2 percent drop in its net profit in the second quarter of fiscal 2021-22 due to lower volumes at its Dahej regasification terminal.

Profit after tax or PAT reached 8.23 billion rupees ($110.9 million) in the July-September quarter, compared to 9.27 billion rupees last year.

However, India’s largest LNG importer said its PAT increased when compared to 6.36 billion rupees in the prior quarter.

During the quarter, Petronet’s Dahej terminal processed 225 TBTU of LNG. This compares to 243 TBTU in the same quarter last year and 194 TBTU in the previous quarter, according to Petronet.

Including the Kochi facility, the overall LNG volumes reached 240 TBTU. Petronet said this compares to 254 TBTU last year and 209 TBTU in the previous quarter.

Besides the 17.5 mtpa Dahej terminal and the 5 mtpa Kochi plant on the west coast of India, Petronet is working on a new FSRU-based import facility at the Gopalpur port in Odisha as it looks to establish its presence on the eastern coast of the country.

Most Popular

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

Shell’s LNG Canada expansion project to get boost from government

Canadian Prime Minister Mark Carney named the planned second phase of Shell's LNG Canada export project as one of the major projects the federal government would help fast-track.

More News Like This

India’s Petronet invites bids for Kochi LNG bunkering system

India’s largest LNG importer, Petronet LNG, has launched a tender inviting contractors to submit bids for the engineering, supply, installation, and commissioning of an LNG bunkering system at its Kochi import terminal in southern Kerala state.

India’s LNG imports drop in July

India's liquefied natural gas (LNG) imports dropped by 20.2 percent year-on-year in July, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

Petronet plans to complete Dahej LNG expansion by end of this year

India’s largest LNG importer, Petronet LNG, expects to complete work on an additional 5 mtpa capacity at its Dahej LNG terminal in western Gujarat state by the end of this year, according to Petronet LNG's management.

Petronet approves onshore Gopalpur LNG terminal

India’s Petronet LNG has approved an investment in a land-based LNG import terminal in Gopalpur, Odisha, instead of an FSRU-based facility.