AsiaCorporate

Petronet LNG posts higher profit as demand picks up

By LNG Prime Staff

India’s Petronet LNG reported a rise in net profit as demand picked up again in the country following Covid lockdown.

Net profit after tax increased 30 percent to 8.8 billion rupees ($120 million) in the third quarter of fiscal 2020-21, compared to 6.7 billion rupees last year.

Revenues dropped to 74.2 billion rupees ($663 million) in the quarter compared to 89.9 billion rupees in the corresponding quarter.

Petronet said its terminals regasified 235 trillion British thermal units in the period, rising compared to 233 TBTU in the same quarter last year but down from 254 TBTU in the previous quarter.

The company’s 17.5 mtpa Dahej terminal regasified 222 TBTUs during the quarter, the same as last year and down compared to 243 TBTU in the previous quarter.

During the April-December period, Dahej terminal processed 645 TBTU of LNG as against 679 TBTU in the year before, Petronet said.

Net profit after tax in the nine-month period declined slightly to 23 billion rupees due to the effects related to the lockdown, the nation’s largest LNG importer said.

India imposed a nationwide lockdown from the last week of March to stop the spread of the coronavirus and started easing the restrictions during May and June.

Demand started gradually to rise after June helping Petronet to recover from the losses during lockdown.

Most Popular

LNG Terminals

Jera Global Markets delivers its first LNG cargo to Senegal

Singapore-based LNG trader Jera Global Markets, a joint venture of Japan’s Jera and France’s EDF, has recently delivered its first liquefied natural gas (LNG) cargo to Senegal.
Contracts and Tenders

Worley clinches EPC gig for Venture Global’s CP2 LNG expansion project

Australian engineering firm Worley has signed a reimbursable engineering, procurement, and construction (EPC) contract for Venture Global’s CP2 LNG expansion project in Louisiana.
LNG Terminals

DET: Stade FSRU gets first LNG cargo

Germany’s LNG import terminal operator DET has received the first liquefied natural gas (LNG) cargo at its FSRU-based LNG import facility in Stade.

More News Like This

Corporate

India’s Petronet LNG logs higher profit, volumes

India’s largest LNG importer Petronet LNG, the operator of the Dahej and Kochi regasification terminals, reported higher quarterly profit and volumes.
Other Fuels

Petronet LNG inks binding deal to create CBG JV

India’s largest liquefied natural gas importer, Petronet LNG, has signed a binding agreement to form a 50/50 joint venture with compatriot Gruner Renewable Energy to establish 10 compressed biogas (CBG) plants in India.
LNG Terminals

India’s LNG imports drop in September

India’s liquefied natural gas (LNG) imports decreased 8.5 percent in September from the same month last year, according to preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell.
Corporate

Petronet LNG names new CEO

India’s largest importer of liquefied natural gas (LNG), Petronet LNG, has appointed Sanjay Kumar as its new managing director and chief executive officer, effective May 2027.