Petronet LNG ambitious goal to triple its net profit by 2028.

 

  • PETRONET LNG : ONGOING PROJECTS AND NEW BUSINESS INITIATIVES

  • Company has set an ambitious target for exponential growth and diversification, by formulating its vision and strategy document titled “1-5-10-40”. 
  • The Company aims to achieve an annual turnover of Rs 1 lakh crore in five years, with a profit after tax of Rs 10 thousand crore supported by an investment of Rs 40 thousand crore. 
  • To meet this ambitious target, the projects worth around Rs 27,000 crore are under various phases of execution  
  • Petronet LNG  ambitious goal to triple its net profit by 2028.
  • For the entire 2023–24 fiscal year (April 2023 to March 2024), Petronet reported its highest-ever net profit of ₹3,536 crore on the back of a 22% growth in volume throughput.
  • With a strategy termed “1-5-10-40”, Petronet aims to increase turnover to Rs 1 lakh crore within 5 years, with a net profit target of Rs 10,000 crore. This strategy, initiated two years ago, outlines the company’s vision until 2027-28.
  • Petronet LNG Ltd, known for running the biggest liquefied natural gas (LNG) import terminal globally, aims to boost its capabilities by investing Rs 40,000 crore. This investment will not only expand its import capacity but also venture into the petrochemicals sector.
  • CEO Singh also highlighted plans to ship LNG in containers to Sri Lanka within the next 18 months, alongside setting up an import terminal at Colombo port within five years.
  • Petronet intends to enhance the capacity of the Dahej LNG import terminal to 22.5 million tonnes and invest in additional storage and truck loading facilities. The company is also eyeing a land-based LNG terminal at Gopalpur port, deviating from its initial plan of a floating storage and regasification facility. Despite earlier considerations, Petronet recognizes the rising demand for gas in the eastern region and is determined to establish a foothold in Gopalpur, Odisha
  • QatarEnergy and India's Petronet LNG signed their biggest single deal for supplies of liquefied natural gas (LNG), as India ramps up use of the fuel in a bid to curb emissions.
  • The deal will see Qatar supply 7.5 million metric tons per year of LNG to Petronet LNG on a delivered ex-ship basis (DES) from 2028 to 2048, according to a Petronet LNG statement.
  • Petronet is also expected to sign a separate deal for LNG supplies on a delivered basis
  • India imported 10.6 million tons of LNG from Qatar in 2023, about half of India's total LNG imports of 20.8 million tons last year, according to data from LSEG
  • Petronet LNG chief executive Akshay Kumar Singh said in the statement that its existing long-term agreement with QatarEnergy accounts for around 35% of India's LNG imports.
  • Petronet LNG, India's top gas importer, supplies gas that is mostly procured under long-term deals with Qatar and Australia to Indian energy companies for sale to end-users. These companies also have booked capacity at Dahej to directly import gas.
  • "We are here to serve the market in India and we hope to be part of the expansion of the economy and requirements and the energy sector," said Qatar's energy minister Saad al-Kaabi, who is also QatarEnergy's CEO
  • Offtakers of the LNG volumes are GAIL (India) Limited, Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited, who will take supplies of the super-chilled fuel at a 60:30:10 ratio respectively after it is regassified at Petronet's Dahej import terminal, said Petronet LNG.

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