Petronet LNG net surges by 60%

Petronet LNG recorded net profit of Rs 313 crore and achieved a turnover of Rs 5545 crore during the year, posting a 60 per cent growth in its profit and 44 per cent growth in turnover over last year.

The Board of Directors has recommended a maiden dividend of 12.5 per cent for the year 2006-07, said a release from the company.

During the year, the company has processed additional 12 spot cargoes and has been able to increase its production capacity by 30 per cent over its installed capacity through de-bottlenecking and efficient utilisation of critical equipment. This would enable the Company to process 1.5 MMTPA additional LNG from 01.04.2007, committed entirely for sale to the 3 offtakers i.e. Gail (India) Limited, Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited upto September 2009.

P Dasgupta MD & CEO stated that following policy decision dated March 6, 2007 of MOP&NG regarding pooling of RLNG prices, the Company will supply RLNG at non-discriminatory basis at uniform pooled price after the commissioning of Dahej-Uran-Dabhol pipeline. He further informed that Dahej Expansion and Kochi Terminals are progressing on schedule and would be completed by December 2008 and June 2010 respectively. "

Source: The Pioneer, New Delhi, April 17, 2007
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