Petronet LNG, which proposes to set up a five million tonne per annum LNG terminal at Gangavaram, Andhra Pradesh at a cost of about Rs 5,000 crore, received final approval from its board for the investment.
The firm, which expects to complete the project by end-2016, has finished several pre-project activities and it is working towards short-listing of potential contractors for construction of the project.
The natural gas firm also started work on a floating storage and re-gasification unit (FSRU) to bring gas early into the market. Considering the demand for natural gas in the country, Petronet has initiated the process to further expand the capacity of the Dahej terminal to 15 million tonne annually, the company statement said.
Petronet plans to commission the greenfield Kochi terminal in the first quarter of fiscal 2013-14, albeit at a lower capacity utilisation. This will, however, be ramped up in the coming years, it said.
Meanwhile, the net profit of Petronet grew 8 per during Oct-Dec 2012 as it operated at 110 per cent capacity at its Dahej terminal owing to higher processing of gas. The terminal, with a capacity of 10 million tonne a year, handled 140 trillion British thermal units (Btu) of gas during the quarter.
During the period, its profit stood at Rs 319 crore, compared with Rs 295 crore in the corresponding quarter last year. It reported a turnover of Rs 8,423 crore, an increase of over 33 per cent over the corresponding previous quarter.
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