Kochi: Petronet LNG Ltd is planning to set up its third terminal in the east coast of India. After the terminals at Dahej and Kochi in the west coast, the third one will come up at Gangavaram in Andhra Pradesh.
Petroleum secretary and Petronet LNG chairman G C Chaturvedi said the 100th board meeting of the company held in Kochi on Friday has given sanction for the project. It has entrusted French consultant Tractabel for preparing the detailed feasibility report. The approximate cost of the 5 million tones capacity terminal will be Rs 4500 crore.
For the third quarter ended December 31, 2011, the company's net profit rose 73 % to Rs 295 crore compared with the corresponding quarter of the previous year. The turnover of the company increased by 74 % to Rs 6330 crore during the period. Petronet LNG managing director A K Balyan said higher increase in net profit is on account of additional volumes with better margins along with higher operational efficiency.
The 5 million tonne Kochi terminal of Petronet LNG will be ready by July and will be operational by October. The terminal has a long term contract for the supply of about 1.5 million tones of LNG from Gorgon in Australia from 2015.
According to Balyan the terminal will have to buy from the spot market till then. Though the long term supply prices is $ 16 per mmbtu, it will be still feasible for companies using feedstock naptha or furnace oil, he said.
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