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Auditors flag unpaid ‘use or pay’ charges of Rs 18.32 billion at Petronet LNG
Auditors have flagged the unpaid ‘use or pay’ charges of Rs 18.32 billion at Petronet LNG, the country’s largest operator of natural gasimport terminals
Customers must pay for the regasification capacity they book at Petronet’s import terminals even if they don’t use it. Some customers, however, have not done so in the last three financial years, resulting in unpaid dues climbing to Rs 18.32 billion, which includes Rs 6.10 billion for the year 2023-24, Rs 8.45 billion for 2022-23, and Rs 3.79 billion for 2021-22. The company has made a provision of Rs 3.58 billion towards this.
Petronet reported a 20% year-on-year rise in the fourth quarter profit to Rs 7.38 billion on higher utilization of its import terminals. Revenues for the Jan-March quarter marginally fell to Rs 137.93 billion from Rs 138.74 billion in the year-ago period.
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