Petronet achieves highest turnover at Rs 37,748 crores

By Joseph R. Fonseca
Saturday, May 17, 2014
Logo

 

Petronet LNG Ltd, the nation's biggest importer of gas, reported yesterday its highest turnover at Rs 37,748 crores for the year ended March 31, 2014 and net profit at Rs 712 crores. 

During the year the Dahej terminal processed 489 TBTUs depicting a capacity utilisation of 96%. Kochi terminal was commissioned during the year and processed only 4.50 TBTUs of LNG serving two consumers in the vicinity of the terminal – the BPCL refinery and FACT. The throughput during the year has marginally decreased by about 6% over the previous year on account of sluggishness of
natural gas demand in the Country. The turnover, however, registered an increase of 20% over the previous year – primarily on account of increase in the price of LNG and depreciation of Indian Rupee vs the US Dollar. 

Capitalisation of the terminal at Kochi has added significant costs on account of interest and depreciation.

The Company achieved certain significant milestones during the year:


• Commissioning of the 5 MMTPA greenfield LNG terminal at Kochi,
• Award of EPC contracts for expansion of the Dahej terminal to 15 MMTPA and tie-up of
financing for the same,
• Booking of regas capacity at the Dahej terminal on a long-term use or pay basis,
• The Company has secured an international rating of Baa3 by Moody’s.

The Company also commissioned its second jetty at the Dahej terminal during this month and has started receiving LNG cargoes at the new berth.

The Board of Directors, in its meeting held on April 30, 2014, recommended a dividend of Rs. 2 per equity share of Rs 10 each (20%) for the year 2013-14 subject to the approval of the shareholders.

The Company has already received the necessary clearance from the Ministry of Environment and Forests for its proposed 5 MMTPA greenfield LNG terminal at Gangavaram. It awaits approval of the state Government to go ahead with the project. Pre-qualification of the EPC contractors is in progress.
 
US $ 1 = Rs 60)

Petronet

 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

Energy

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

LNG

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

New Power Optimization Solution for LNG Carriers

NAPA and DSME launch tailored NAPA-DSME Power Solution for LNG carriers; leading LNG carrier shipyard offers specialized performance monitoring solution   South Korean shipbuilder,

Crowley’s 2nd LNG ConRo Ship Ahead of Schedule

Shipbuilder VT Halter Marine, Inc. announced construction has started early for the second liquefied natural gas (LNG)-powered ConRo ship, Taíno, for Crowley Holdings, Inc.

News

Unicom Selects the Ecochlor BWTS for 10 Tankers

Ecochlor, Inc. announced that Unicom Management Services (Cyprus) Ltd. (Unicom), acting for SCF Group, signed a 10-vessel agreement for the Ecochlor Ballast Water Treatment System (BWTS) in Limassol,

Wage Row Between Argentine Crushers, Companies Reaches Crunch Point

Pressure grew on Friday for a resolution to wage talks between exporters and striking crushers in Argentina's Rosario grains hub, with another powerful union threatening

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Marine Equipment

Unicom Selects the Ecochlor BWTS for 10 Tankers

Ecochlor, Inc. announced that Unicom Management Services (Cyprus) Ltd. (Unicom), acting for SCF Group, signed a 10-vessel agreement for the Ecochlor Ballast Water Treatment System (BWTS) in Limassol,

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

Communication

SENER holds a FORAN seminar in Wuhan, China

The ‘FORAN new modules, new functions and FEM-Link (Hypermesh) Seminar’ was held on April 23rd in Wuhan. SENER is playing a big role in China, where it has been

Lerwick Port Promoting Shetland Fishing Industry

The importance of investment in the Shetland fishing industry has been highlighted today by Lerwick Port Authority Chief Executive, Sandra Laurenson. The industry – white fish,

WTO Launches Website for TFA Facility

The TFAF was created at the request of developing country and least-developed country (LDC) members to help ensure that they receive the assistance needed to

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1638 sec (6 req/sec)