Petronet LNG has put in an expression of interest to buy 25 per cent stake in Gujarat State Petroleum Corporation’s (GSPC) upcoming five-million tonne LNG terminal at Mundra in Gujarat, A. K. Balyan, CEO and Managing Director said here on Tuesday.
While GSPC would hold 50 per cent stake in the project, the Adani Group would have the other 25 per cent. “We find synergies in taking stake in the planned LNG terminal. The final investment decision would depend on detailed due diligence,” he said remarked.
Mr. Balyan also announced that the LNG import terminal at Kochi in Kerala was likely to be commissioned in July as Petronet had completed construction on a five million tonne terminal. The terminal would operate at just 12 per cent of its capacity in the current fiscal as pipelines taking gas to customers were not ready. The company planned to import 4-5 shiploads of LNG at the terminal in the current fiscal.
Mr. Balyan also said Petronet was planning to expand the Dahej terminal to 15 million tonnes.
Meanwhile, the company reported a flat net profit of Rs.245.14 crore in the March quarter as compared to the same period in the previous fiscal.