Petronet LNG posts higher profit in Q4

Petronet LNG, India’s largest importer of chilled gas, posted a 10 percent higher quarterly profit as volumes rose at its Dahej import terminal.

The LNG company’s net profit stood at 1.78 billion rupees in the fourth quarter of 2015, as compared to 1.62 billion rupees a year before.

Petronet LNG said in its results report released on Wednesday that its Dahej LNG terminal has operated at around 109 percent of its nameplate capacity while Kochi “handled only a nominal volume of LNG“.

Despite a reduction in the offtake under the long-term quantities over the corresponding quarter last year, the total volume regasified at the Dahej terminal during the quarter was 138 TBTUs, the statement said.

As previously reported, Petronet LNG and Qatar’s RasGas agreed in December a revised price for the 25-year supply contract that started in 2004.

Petronet reduced purchases from RasGas by about a third in 2015 due to high prices and low demand from customers.

“The offtake of RLNG under the long-term contract with off takers from January 2016 onward has increased to the contracted volume of 8.5 MMTPA,” Petronet said.

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 this year.

1 Indian rupee = 0.014659 U.S. dollars

LNG World News Staff