Petronet LNG, the country?s largest gas importer of liquified natural gas (LNG), is planning to raise around R4,500-5,000 crore over the period of next three years for its proposed terminal at Gangavaram Port in Andhra Pradesh. The company also intends to increase 5 million tonne additional capacity for it?s first terminal at Dahej.
?The gangavaram terminal project will have a capacity of 5 million tonne and is due to start operations in 2016. We are looking to raise around R4,500- 5,000 crore and in talks with various banks and financial institutions in India and abroad. Our current debt-equity ratio is 1:1, therefore, we are in a comfortable position,? R K Garg, director finance of Petronet LNG said.
The proposed terminal at Gangavaram Port will be the first one on India?s east coast. The company is also about to commission it?s Kochi terminal by the end of this year with a capacity of 5 million tonne per annum equivalent to 20 mmscmd of natural gas has signed a long term contract with Gorgon for supplying 1.5 million tonne of gas. The Dahej terminal in Gujarat is currently running at full capacity at 10 million tonne per annum.
In the 5th Opec International seminar in Vienna, oil minister S.Jaipal Reddy in his bilateral meetings with several countries expressed interest in investing in Algeria?s upcoming LNG sector. The have also discussed the long term LNG contract between Petronet LNG (PLL) and RasGas for another 3.5 million tonne of LNG. The company reported a net profit of R245 crore in the quarter ended March 2012, a growth of 18.4% as compared to R207 crore during it?s corresponding period.