Petronet LNG Q3 net up 70 per cent

Petronet LNG has reported net profit of Rs 85.1 crore for the third quarter ended 31 December, 2006, a growth of 70 per cent over the corresponding quarter of last fiscal. The company also reported turnover of Rs. 1585 crore during the quarter an increase of 53 per cent over the corresponding quarter of last fiscal. Petronet has enhanced its gas production to 79.49 TBTUs during the quarter ended Dec 31, 2006, an increase of 12 per cent over the previous quarter.

P Dasgupta MD & CEO said " The Company is committed to source additional LNG to meet the country's growing gas demand particularly for the power and fertilizer sectors, and therefore has completed certain de-bottlenecking which would enable to process 2 LNG spot cargoes per month". During the quarter the Petronet has signed MoU with Pragati Power Corporation Ltd (PPCL) and also signed an MOU to establish 50: 50 Joint Venture with GSPC for construction of 2 storage tanks at an estimated cost of Rs. 900 crores, which will provide it much needed operational flexibility.

Source: The Pioneer, New Delhi, January 25, 2007
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