Petronet LNG reported 18.1 percent year-on-year decline in standalone profit

Demand of liquefied natural gas (LNG) in India might increase if prices stabilise, said Akshay Kumar Singh, MD and CEO, Petronet LNG.

In a post-results call, Singh said the capacity utilisation at Dahej terminal stood at 97 percent in April compared to 77 percent in the fourth quarter due to softening of LNG prices.

“This is a positive sign that with the softening of LNG prices in the international market, which is now hovering around $10.5-$11 mmBtu, more cargoes on a spot basis are coming into the country. If this price trend continues, more volume processing at the Dahej terminal will be happening,” added Singh.

The Dahej terminal processed 172 TBTU (trillion British thermal units) of LNG in Q4 compared to 178 TBTU during the same period last year.

For the financial year 2022-23, the overall LNG volume processed by the company stood at 752 TBTU, as against the LNG volume processed in the previous financial year, which stood at 847 TBTU.

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LNG demand expected to increase if prices stabilise: Petronet LNG CEO

Akshay Kumar Singh, MD and CEO, Petronet LNG said with the softening of LNG prices in the international market more cargoes on a spot basis are coming in the country.

Petronet LNG reported 18.1 percent year-on-year decline in standalone profit

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