India's Petronet LNG Sees Record Annual Profits

Petronet LNG, India’s largest LNG importer, on June 29 reported record net profits during the 12 months ending March 31, on the back of record LNG processing volumes.

The company’s net profit for the year stood at rupees 26.98bn ($357mn), up 25% yr/yr. The overall LNG volume processed by Petronet LNG was 928 trillion Btu, also a record, versus 844 trillion Btu in the previous year, the company said.

During the three months ending March 31 (Q4), Petronet LNG’s net profit was rupees 3.59bn, down from rupees 4.4bn in the same quarter of the previous year. The overall LNG volume processed during Q4 was 219 trillion Btu, compared with 205 trillion Btu in the year-ago period.

Petronet LNG operates two LNG receiving terminals in India – one in the western Indian state of Gujarat and the other in the southern Indian state of Kerala.