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Petronet LNG
The Sri Lankan government and a state-run Indian firm on Tuesday signed an agreement to develop infrastructure for storage, regasification and LNG supply for a combined cycle power plant in the island nation, according to the power and energy ministry here. The memorandum of understanding (MoU) was signed between Sri Lanka's LTL Holdings Limited and India's Petronet LNG Limited for the infrastructure development of the Sobadhanavi Combined Cycle Power Plant at Kerawalapitiya, north Colombo. The Sri Lankan Minister of Power and Energy, Kanchana Wijesekera, and the Deputy High Commissioner of India, Satyanjal Pandey, signed the MoU at a ceremony here. Wijesekara said the power generation could be as low as fifty per cent less here than generation through fuel usage. "MOU for the development of Storage facilities, Regasification unit in Kerawalapitiya and the supply of LNG for the Yugadhanavi, Sobadhanavi & other LNG power plants in Sri Lanka was signed today," Wijesekera said in a ..
Petronet LNG Ltd -- India's largest liquefied natural gas importer -- on Wednesday reported a 20 per cent rise in the March quarter net profit on the back of importing higher LNG volumes. For the entire 2023-24 fiscal (April 2023 to March 2024), Petronet reported highest-ever net profit of Rs 3,536 crore on the back of a 22 per cent growth in volume throughput. The net profit reported in the March quarter was Rs 738 crore as compared with Rs 614 crore in the same period of the previous year, Petronet MD & CEO Akshay Kumar Singh told reporters. The profit was, however, lower than Rs 1,191 crore earned in the preceding quarter. During the current quarter ended March 31, Petronet's mainstay Dahej terminal in Gujarat processed 219 trillion British thermal units (TBTU) of LNG as against 218 TBTU during the previous quarter ended December 31, 2023 and 172 TBTU during the corresponding quarter of the previous fiscal. The overall LNG volume processed by the company during the ...
Petronet renewing a contract to buy 7.5 million tonnes of LNG from Qatar annually from 2029 for 20 years is the largest-ever extension of super-chilled fuel in the world, and will support India's clean energy goals, officials said. The original 25-year deal was signed in 1999 and supplies started in 2004. Qatar has since then never defaulted on a single cargo and neither did it slap penalties under take-or-pay clause when the Indian firm did not take deliveries because prices were too high, top Petronet officials said. Supplies under the extended contract would start after Petronet takes deliveries of 52 cargoes it had failed to take in 2015-16 when prices had shot up sharply. While the volumes in contract have not changed, price changed four times, including the latest one when the contract extension was renegotiated. The composition of the gas promised to be delivered has also changed. RasGas, which is now QatarEnergy, had originally signed to supply 'rich' or gas containing ...
Petronet LNG Ltd, the operator of the world's largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore in expanding import capacity and petrochemicals with a target to treble net profit by 2028, its CEO A K Singh said. Petronet is making a foray into the petrochemical business by investing Rs 12,685 crore in a propane dehydrogenation plant that will convert imported feedstock into propylene, as well as setting up an LNG import facility at Gopalpur in Odisha at a cost of Rs 2,300 crore, he told reporters on the sidelines of India Energy Week here. The firm, which this week extended a deal to import 7.5 million tonnes a year of LNG from Qatar by 20 years, is also looking at investing in overseas projects such as a floating LNG terminal at Colombo in Sri Lanka. "We have charted a 1-5-10-40 strategy -- increasing turnover to Rs 1 lakh crore in 5 years with a net profit of Rs 10,000 crore from investing Rs 40,000 crore in expansions," he said. The strategy started