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Business Standard
4 days ago
- Business
- Business Standard
Petronet Q1 net profit falls 25%; to invest ₹6,355 cr in new LNG terminal
Petronet LNG Ltd, India's largest gas importer, on Friday reported a 25 per cent drop in its June quarter net profit, and said it will invest ₹6,355 crore in setting up a new import facility at Odisha. Net profit of ₹850.58 crore in April-June was lower than ₹1,141.58 crore last year, mainly because of lower volumes imported due to a fall in power demand on early arrival of monsoon. The firm's Dahej liquefied natural gas (LNG) import terminal in Gujarat imported 207 trillion BTUs (British thermal unit) as compared to 248 TBtus in April-June 2024, its chief executive, A K Singh, told reporters on an earnings call. Overall, the company processed 220 TBTUs in April-June - the first quarter of the current 2025-26 fiscal - as opposed to 262 TBTUs last year. "LNG throughput in Q1 is lower than corresponding quarter mainly because there was a severe power requirement (in April-June 2024) which necessitated substantial LNG imports," he said, adding this year early and severe monsoon rains lower demand for electricity, and hence reduced demand for LNG (which is used to generate power). There were also shutdowns of fertiliser plants in the quarter, he said. He said the Dahej terminal operated at 92 per cent capacity in Q1 as compared to best ever utilisation of 110 per cent in the same period last year. On the demand outlook, he said city gas volumes have picked up and so is the demand by the petrochemical sector. In the second quarter (July-September), the Dahej is back to near 100 per cent capacity operation, he said. Singh said the company board has also accorded in-principle additional investment approval for setting up of a 5 million tonnes a year land-based LNG terminal at Gopalpur. This is in place of earlier approval of 4 million-tonne Floating Storage and Regasification Unit (FSRU) based LNG terminal for an incremental project cost of ₹4,048.80 crore. The overall approved value of the project is ₹6,354.80 crore (including taxes and duties), he said, adding it would take three years to construct the facility. Besides Dahej, Petronet also has a 5 million tonnes a year import terminal at Kochi in Kerala, but it operates at less than a quarter of its capacity because of a lack of pipelines to take imported fuel to customers. While the capital expenditure has increased - from ₹2,300 crore for a floated import unit (called FSRU) to ₹6,354.80 crore land-based fixed terminal, the operating expenses (opex) have substantially reduced to ₹450-500 crore, he said. The decision to shift to a land-based terminal was also taken because of the tight market for FSRUs in view of European countries using them to import gas in place of the volumes they used to receive from Russia.
Economic Times
4 days ago
- Business
- Economic Times
Petronet Q1 Results: Net profit falls 25%, to invest Rs 6,355 crore in new LNG terminal
Petronet LNG Ltd, India's largest gas importer, on Friday reported a 25 per cent drop in its June quarter net profit, and said it will invest Rs 6,355 crore in setting up a new import facility at Odisha. ADVERTISEMENT Net profit of Rs 850.58 crore in April-June was lower than Rs 1,141.58 crore last year, mainly because of lower volumes imported due to a fall in power demand on early arrival of monsoon. The firm's Dahej liquefied natural gas (LNG) import terminal in Gujarat imported 207 trillion BTUs (British thermal unit) as compared to 248 TBtus in April-June 2024, its chief executive, A K Singh, told reporters on an earnings call. Overall, the company processed 220 TBTUs in April-June - the first quarter of the current 2025-26 fiscal - as opposed to 262 TBTUs last year. "LNG throughput in Q1 is lower than corresponding quarter mainly because there was a severe power requirement (in April-June 2024) which necessitated substantial LNG imports," he said, adding this year early and severe monsoon rains lower demand for electricity, and hence reduced demand for LNG (which is used to generate power). There were also shutdowns of fertiliser plants in the quarter, he said. ADVERTISEMENT He said the Dahej terminal operated at 92 per cent capacity in Q1 as compared to best ever utilisation of 110 per cent in the same period last year. On the demand outlook, he said city gas volumes have picked up and so is the demand by the petrochemical sector. ADVERTISEMENT In the second quarter (July-September), the Dahej is back to near 100 per cent capacity operation, he said. Singh said the company board has also accorded in-principle additional investment approval for setting up of a 5 million tonnes a year land-based LNG terminal at Gopalpur. This is in place of earlier approval of 4 million-tonne Floating Storage and Regasification Unit (FSRU) based LNG terminal for an incremental project cost of Rs 4,048.80 crore. ADVERTISEMENT The overall approved value of the project is Rs 6,354.80 crore (including taxes and duties), he said, adding it would take three years to construct the facility. Besides Dahej, Petronet also has a 5 million tonnes a year import terminal at Kochi in Kerala, but it operates at less than a quarter of its capacity because of a lack of pipelines to take imported fuel to customers. ADVERTISEMENT While the capital expenditure has increased - from Rs 2,300 crore for a floated import unit (called FSRU) to Rs 6,354.80 crore land-based fixed terminal, the operating expenses (opex) have substantially reduced to Rs 450-500 crore, he said. The decision to shift to a land-based terminal was also taken because of the tight market for FSRUs in view of European countries using them to import gas in place of the volumes they used to receive from Russia. (You can now subscribe to our ETMarkets WhatsApp channel)
News18
4 days ago
- Business
- News18
Petronet Q1 net profit falls 25pc, to invest Rs 6,355 cr in new LNG terminal
New Delhi, Jul 25 (PTI) Petronet LNG Ltd, India's largest gas importer, on Friday reported a 25 per cent drop in its June quarter net profit, and said it will invest Rs 6,355 crore in setting up a new import facility at Odisha. Net profit of Rs 850.58 crore in April-June was lower than Rs 1,141.58 crore last year, mainly because of lower volumes imported due to a fall in power demand on early arrival of monsoon. The firm's Dahej liquefied natural gas (LNG) import terminal in Gujarat imported 207 trillion BTUs (British thermal unit) as compared to 248 TBtus in April-June 2024, its chief executive, A K Singh, told reporters on an earnings call. Overall, the company processed 220 TBTUs in April-June – the first quarter of the current 2025-26 fiscal – as opposed to 262 TBTUs last year. 'LNG throughput in Q1 is lower than corresponding quarter mainly because there was a severe power requirement (in April-June 2024) which necessitated substantial LNG imports," he said, adding this year early and severe monsoon rains lower demand for electricity, and hence reduced demand for LNG (which is used to generate power). There were also shutdowns of fertiliser plants in the quarter, he said. He said the Dahej terminal operated at 92 per cent capacity in Q1 as compared to best ever utilisation of 110 per cent in the same period last year. On the demand outlook, he said city gas volumes have picked up and so is the demand by the petrochemical sector. In the second quarter (July-September), the Dahej is back to near 100 per cent capacity operation, he said. Singh said the company board has also accorded in-principle additional investment approval for setting up of a 5 million tonnes a year land-based LNG terminal at Gopalpur. This is in place of earlier approval of 4 million-tonne Floating Storage and Regasification Unit (FSRU) based LNG terminal for an incremental project cost of Rs 4,048.80 crore. The overall approved value of the project is Rs 6,354.80 crore (including taxes and duties), he said, adding it would take three years to construct the facility. Besides Dahej, Petronet also has a 5 million tonnes a year import terminal at Kochi in Kerala, but it operates at less than a quarter of its capacity because of a lack of pipelines to take imported fuel to customers. While the capital expenditure has increased – from Rs 2,300 crore for a floated import unit (called FSRU) to Rs 6,354.80 crore land-based fixed terminal, the operating expenses (opex) have substantially reduced to Rs 450-500 crore, he said. The decision to shift to a land-based terminal was also taken because of the tight market for FSRUs in view of European countries using them to import gas in place of the volumes they used to receive from Russia. PTI ANZ ANZ MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 25, 2025, 20:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Zawya
18-07-2025
- Business
- Zawya
New Fortress Energy to deploy 2nd FSRU in Egypt
Arab Finance: New Fortress Energy Inc. is set to deploy the Energos Winter, a 138,250 cubic meters floating storage and regasification unit (FSRU), in Egypt as early as August 2025, according to a press release. This falls within New Fortress Energy's five-year agreement with the Egyptian Natural Gas Holding Company (EGAS) through its subsidiary, marking the group's second FSRU in Egypt. The Energos Winter will operate at EGAS' liquefied natural gas (LNG) import terminal located at Damietta, joining the Energos Eskimo. Chris Guinta, CFO of New Fortress Energy, commented: 'This deal enhances NFE's goals of providing reliable and cost-effective energy across the globe.' On his part, Yasseen Mohamed, Executive Managing Director of EGAS, stated: 'EGAS is pleased to strengthen its long-standing partnership with New Fortress Energy through the execution of a second Regasification Service Agreement.' 'Under this agreement, NFE's second FSRU, Energos Winter, will provide regasification services at the Damietta terminal, contributing to the security of natural gas supply for Egypt over the next five years,' added Mohamed. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
15-07-2025
- Business
- Yahoo
New Fortress Energy Executes 5-year Charter for Energos Winter
NEW YORK, July 15, 2025--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) ("NFE" or the "Company") via a subsidiary has executed a 5-year agreement for the deployment of the Energos Winter, a 138,250 m3 floating storage and regasification unit ("FSRU"), with the Egyptian Natural Gas Holding Company ("EGAS"). The Winter will operate at EGAS' LNG import terminal located at Damietta, Egypt. This is NFE's second FSRU stationed in Egypt, and the Winter will join the Energos Eskimo in Egypt as early as August of this year. "We are pleased to reinforce our relationship with EGAS by way of our deployment of a second FSRU to Egypt. This deal enhances NFE's goals of providing reliable and cost-effective energy across the globe," said Chris Guinta, CFO of New Fortress Energy. "EGAS is pleased to strengthen its long-standing partnership with New Fortress Energy through the execution of a second Regasification Service Agreement. Under this agreement, NFE's second FSRU, Energos Winter, will provide regasification services at the Damietta terminal, contributing to the security of natural gas supply for the Arab Republic of Egypt over the next five years," said Yasseen Mohamed, Executive Managing Director of EGAS. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. View source version on Contacts Investorsir@
