Petronet LNG

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Petronet LNG Limited
Founded1998 (1998)
Headquarters
New Delhi
,
India
Key people
Pankaj Jain (Non-Executive Chairman) [1]
Akshay Kumar Singh (MD & CEO) [1]
ProductsLiquefied natural gas
RevenueIncrease ₹59,900 crore (US$7.5 billion)(FY23)[2]
Decrease ₹4,087.04 crore (US$510 million)(FY23)[2]
Decrease ₹3,329.37 crore (US$420 million)(FY23)[2]
Total assetsIncrease ₹18,866 crore (US$2.4 billion) (2020)[2]
Total equityIncrease ₹9,620 crore (US$1.2 billion) (2020)[2]
OwnerGovernment of India
Number of employees
508 (2020)[2]
Websitewww.petronetlng.in
Kochi Terminal View from Fort Kochi

Petronet LNG Limited is an Indian oil and gas company formed by the

Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOC) and Bharat Petroleum Corporation Limited (BPCL).[3] Petronet LNG Limited, one of the companies in the Indian energy sector, has set up the country's first LNG receiving and regasification terminal in Dahej, Gujarat, and another terminal in Kochi, Kerala. While the Dahej terminal has a nominal capacity of 17.5 million tonnes per year (equivalent to 70 million cubic metre per day of natural gas at standard conditions), the Kochi terminal has a capacity of 5 million tonnes per year (equivalent to 20 million cubic metre per day of natural gas). Plans to build a third LNG terminal in Gangavaram, Andhra Pradesh were dropped in October 2019.[4]

Formed as a joint venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India's leading oil and natural gas industry players. Its promoters are GAIL (India) Limited (GAIL), Oil & Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The authorized capital is Rs. 3,000 crore ($420 million approx).[5]

The company selected Gaz de France as its strategic partner. The company has also signed an LNG sale and purchase agreements with QatarEnergy LNG for the supply of 8.5 MTPA LNG to India.[6]

Petronet LNG Ltd has set up its first LNG terminal in

metric tons per year. Capacity of Dahej Terminal will expand to 17.5 million tons per year till 2019. Another terminal with capacity 5 million tons per year is commissioned in Kochi
(Kerala) and started its operations in August 2013. Petronet LNG is planning to set up its third LNG terminal with capacity 5 million tons per year probably in Andhra Pradesh.

Kochi LNG Terminal is situated in the Special Economic Zone (SEZ) of Puthuvypeen near the entrance to Cochin Port, Kerala. The jetty facility at Kochi terminal is designed to receive LNG tankers of capacity from 65,000 m3 up to 216,000 m3, with possibility of receiving suitable smaller ships.

There are various services offered by Petronet LNG Limited, like regasification, storage and reloading, bunkering, gassing-up and cooling-down facilities and LNG truck loading facilities.

In September 2019, PetroNet signed an MoU with United States-based Tellurian Inc to purchase a stake in the latter's Driftwood project in Louisiana and to import 5 million tonnes of LNG annually. The deal was initially expected to be finalized by 31 March 2020,[7] but the non-binding agreement was instead terminated in November 2020 due to low LNG prices adversely affecting the investment case.[8]

On 6 February 2024, Petronet LNG signed a supply deal with QatarEnergy for 7.5 million metric tons a year of LNG from 2028 to 2048. The agreement was to renew an existing deal with QatarEnergy that expires in 2028 for the same amount of yearly LNG deliveries.[9][10]

Listings and shareholding

Shareholder Shareholding
Public and
FIIs
 50.00%
Indian Oil Corporation Limited (IOCL) 12.50%
Bharat Petroleum Corporation Limited (BPCL) 12.50%
Gas Authority of India Limited (
GAIL
) 		12.50%
Oil and Natural Gas Corporation Limited (ONGC) 12.50%

References

  1. ^ a b "Petronet LNG Limited : Board of Directors". Petronet LNG. Retrieved 12 November 2020.
  2. ^ a b c d e f "Petronet LNG Ltd. Financial Statements". moneycontrol.com.
  3. ^ "Petronet LNG Limited : About Us". Petronet LNG Limited. Retrieved 15 June 2020.
  4. ^ "Petronet drops LNG terminal plan". The Hindu. Retrieved 12 November 2020.
  5. ^ "Petronet LNG Limited : About Us". Petronet LNG. Retrieved 15 June 2020.
  6. ^ Verma, Nidhi (7 February 2023). "India's Petronet seeks more LNG under long-term Qatar deal". Reuters. Retrieved 7 November 2023.
  7. ^ "Petronet LNG signs $2.5 billion deal to take stake in US LNG plant". Moneycontrol. Retrieved 22 September 2019.
  8. ^ "Petronet LNG backs out of plan to invest in Tellurian terminal". The Hindu BusinessLine. Retrieved 12 November 2020.
  9. ^ "QatarEnergy and India's Petronet sign biggest LNG deal to date". Reuters. 6 February 2024. Retrieved 1 March 2024.
  10. ^ "QatarEnergy signs 20-year gas deal with India's Petronet - ETEnergyWorld MEA". ETEnergyworld.com. 7 February 2024. Retrieved 1 March 2024.

External links

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