Petronet

Petronet Q2 net profit falls 4% to Rs 785 cr as natural gas volumes drop

Petronet LNG Ltd on Thursday reported a 4 per cent fall in its September quarter net profit as volumes dropped on a spurt in global natural gas prices. Consolidated net profit stood at Rs 785.73 crore in July-September as against Rs 817.61 crore a year back, according to a company's stock exchange filing. Petronet chief executive officer Akshay Kumar Singh during a conference call said global energy rates spurred after the Ukraine war, but rates have begun to soften in the last 10-15 days. The rise in spot or current market liquefied natural gas (LNG) prices led to volume drop as users couldn't afford higher rates. Petronet is India's largest LNG importer and the gas it imports is supplied to fertilizer plants and other industries for use. Its flagship Dahej terminal in Gujarat processed 182 trillion British thermal units (TBTUs) of LNG during July-September as against 196 TBTU during the previous quarter ended June 30 and 225 TBTU during the corresponding quarter ended September

Petronet LNG Ltd to invest Rs 40,000 cr in 5 yrs to expand import infra

Petronet LNG Ltd, India's biggest gas importer, will invest Rs 40,000 crore in the next five years for expanding import infrastructure as well as foraying into new business to boost profitability to Rs 10,000 crore. Petronet, which operates two liquefied natural gas (LNG) import facilities at Dahej in Gujarat and Kochi in Kerala, is looking to foray into the petrochemicals business, according to the firm's latest annual report. The company has formulated a '1-5-10-40' strategy for exponential growth and diversification. "The company aims at achieving an annual turnover of Rs 1 lakh crore over next five years and annual profit after tax of Rs 10,000 crore with investments of Rs 40,000 crore," it said. It had a net profit or profit after tax of Rs 3,352 crore on a turnover of Rs 43,169 crore in fiscal 2021-22 (April 2021 to March 2022). LNG is natural gas that has been cooled down to liquid form for ease of transporting in ships. At the import terminal, LNG is regassified into its ..

MGL, Gujarat Gas: Analysts see some silver lining for downstream gas stocks

Analysts have lowered their earnings estimates, but have 'buy' recommendations for several stocks

Petronet Q1 net up 10% on processing larger volumes of imported fuel

Net profit in April-June at Rs 700.9 crore compared with Rs 635.67 crore in the same period a year back, Petronet CEO A K Singh said on a media call.

Petronet touches 3000 LNG ship handling at Dahej terminal, to up capacity

Petronet said is undertaking a highly cost-effective expansion of its regasification capacity of the Dahej LNG Terminal, from 17.5 to 22.5 million tonnes per annum

Petronet may look at building 4th LNG import terminal to meet energy demand

Petronet operates a 17.5 million tonnes a year LNG import facility at Dahej in Gujarat and another 5 million tonnes facility at Kochi in Kerala

Petronet to invest Rs 40,000 cr, including in overseas LNG plants

Petronet plans to make foray into the petrochemical business by investing Rs 12,500 crore in a Propane Dehydrogenation Plant that will convert imported feedstock into propylene

Petronet net profit falls 11% in Q2 to Rs 823 cr; revenue jumps 70%

Petronet said its board declared a special interim dividend of Rs 7 per equity share for fiscal 2021-22

BPCL Privatisation: SEBI unlikely to exempt open offers for Petronet, IGL

India's capital market regulator is unlikely to give exemption to the company acquiring BPCL from making mandatory open offers for Petronet LNG Ltd and Indraprastha Gas

Petronet LNG seeks fresh foray into the petrochemical business

Petronet LNG Ltd is looking to reclaim the lost opportunities of the past decade as it seeks fresh foray into the petrochemical business and plans to set up an LNG import facility on the east coast

Petronet to make foray into petchem business, plans LNG terminal in Odisha

Petronet LNG Ltd plans to set up a petrochemical complex at Dahej in Gujarat as it looks to make a foray into high margin business to hedge gas trading risks, Oil Secretary Tarun Kapoor said

IOC, GAIL may buy shares if open offer for Petronet, IGL gets triggered

IOC, GAIL and ONGC may buy shares of Petronet LNG and Indraprastha Gas in the eventuality of an open offer getting triggered post privatisation of Bharat Petroleum Corporation Ltd (BPCL)

BPCL says it has no intention to pare down stake in Petronet and IGL

BPCL holds 12.5 per cent of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL

BPCL may sell some stake in IGL, Petronet to shed promoter status

BPCL is a promoter of 2 companies and since there is a change in ownership of the promoter firm, an open offer is triggered under Sebi (Substantial Acquisition of Shares and Takeovers) Regulations

Former Petronet CEO Prabhat Singh joins Reliance firm India Gas Solutions

Prabhat Singh was appointed Managing Director and CEO of Petronet on September 14, 2015, for an initial period of five years

Petronet net profit slips 7% in Q1 at Rs 520.23 crore, revenue falls 43%

Revenue fell 43 per cent to Rs 4951.9 crore in the first quarter of the current 2020-21 fiscal

Petronet invokes force majeure on 9 cargoes as lockdown cuts offtake

Petronet LNG Ltd, the country's biggest gas importer, on Tuesday said it invoked the force majeure on nine cargoes after COVID-19 lockdown cut offtake by consumers.

Petronet to invest $2.5 bn in Houston's Tellurian Inc for 5 mn tonnes gas

The agreement also includes PLL making investment in the equity of $28 billion Driftwood project in Louisiana to secure the LNG

Petronet signs MoU with US natural gas firm Tellurian in PM Modi's presence

Tellurian and Petronet will endeavour to finalise the transaction agreements by March 31, 2020

H-Energy, Petronet sign deals to buy Russian LNG producer Novatek

The deals were announced hours after Prime Minister Narendra Modi arrived here on Wednesday for summit talks with Russian President Vladimir Putin