India's Petronet LNG reports 10% rise in profit in July-September

Petronet LNG, India's biggest LNG importer, on October 30 reported a net profit of 8.18bn rupees ($98.2mn) in the July-September quarter, up 10% year/year due to higher LNG processed volumes.

During the quarter ended September 30, Petronet's Dahej terminal processed 210 trillion British thermal units (TBTUs) of LNG as against 182 TBTUs during the corresponding quarter. The overall LNG volume processed by the company in the quarter was 223 TBTUs, as against 192 TBTUs last year.

Petronet currently operates two land-based LNG import and regasification terminals on the west coast of India at Dahej in the state of Gujarat and Kochi in the state of Kerala. Last year, it signed a term sheet with Gopalpur Ports regarding a floating LNG import terminal in the eastern Indian state of Odisha.

Petronet LNG plans to connect the proposed 4mn tonnes/year terminal to state-owned gas transportation company Gail’s trunk line which is about 36 km away. The company may convert the floating terminal to a land-based terminal later.