Petronet LNG Performace Update

Petronet LNG Ltd presented a robust picture of their performance for the current year. During the year ended March 31, 2015,  the Dahej terminal of processed 521 TBTUs which translates into a capacity utilisation of 102%. Kochi terminal, however, handled only 12 TBTUs of LNG including the Reload Sales and primarily served two consumers in the vicinity of the terminal — the BPCL refinery and FACT. Sale of LNG through trucks was also initiated to M/S Hindustan Life Care Limited.

The throughput during the year has marginally increased by about 6% over the previous year. The net profit of the company stood at Rs 883 crore. This was the first full year of operation for the Kochi LNG Terminal. The volumes in the 4th quarter (Jan - March 2015), however, decreased over the previous quarter due to low offtake of volumes under the long-term agreements.

The Company achieved certain significant milestones during the year:

•    Commissioning of the Second Jetty at Dahej LNG Terminal.
•    Unloading of a Q-Max LNG Cargo at Dahej Terminal.
•    An LNG Cargo was imported into and re-loaded for exports from the Kochi LNG Terminal.
•    The Kochi LNG Teminal also performed gas-up and cool-down services for a warm LNG Vessel.
•    Kochi LNG terminal also provided bunker fuel to a Vessel.
•    The Company re-financed its entire Rupee Debt through placement of Bonds in the domestic markets.
•    The Company has upgraded its ERP package.

Work for expansion of the Dahej terminal to 15 MMTPA is continuing as per schedule and is expected to be complete by November, 2016. Encouraged by the growth potential at Dahej , the Board of Directors has given go ahead for further expansion of terminal beyond 15 MMTPA for adding another 2.50 MMTPA capacity in its meeting held on April 25, 2015.

The Board of Directors has also recommended a dividend of Rs. 2 Per equity share of Rs 10 each (20%) for the year 2014-15 subject to the approval of the shareholders.

While all the relevant approvals are already in place for its proposed 5 MMTPA greenfield LNG terminal at Gangavararn, tie-up for the relevant contractual structure is yet to be completed.