-
Gopalpur Terminal Project For Petronet LNG To Cost More Over Rs.40 billion
Petronet LNG has announced on Friday that the cost of building its new terminal in Gopalpur, Odisha, has gone up by over Rs 40 billion because it decided to use a land-based unit. Lack of availability of Floating Storage and Regasification Units (FSRUs) is one of the primary reasons India’s largest LNG importer decided to use a land-based LNG terminal.
PLL board approved an additional investment in principle on Friday to establish a 5 million tonnes per annum (MTPA) land-based LNG terminal in Gopalpur following the approval of a 4 MTPA FSRU-based LNG terminal. The project will cost an additional Rs 40.4880 billion (including taxes and duties).
The project’s total approved value including taxes and duties is Rs 63.5480 billion, the company stated in regulatory filing. It will take about three years to finish the company’s first greenfield LNG terminal on the east coast of the nation.
The March quarter results were released by Petronet LNG on Friday. The company’s consolidated net profit for the first quarter of FY25 was approximately Rs 8.42 billion, a 24 per cent year-on-year (YoY) decline. The company saw a 23 per cent decline in net profit on a sequential basis.
Due to early rains and maintenance schedules at some fertiliser plants, the power sector’s reduced demand for LNG caused a decline in LNG imports, which in turn caused a decline in net profit. In Q1 FY25, Petronet reported a lower consolidated total income of approximately Rs 120.96 billion as opposed to Rs 124.13 billion in Q1 FY24 and Rs 135.93 billion in Q4.
Share This
