Petronet LNG Ltd has more than doubled its net profit to Rs 397 crore in the third quarter ended December 31 as it handled record volumes of imported gas. Net profit in October-December at Rs 397 crore was 133 per cent higher than Rs 171 crore in the same period a year ago.

Petronet LNG Ltd has more than doubled its net profit to Rs 397 crore in the third quarter ended December 31 as it handled record volumes of imported gas.

Petronet LNG expects its 400-km pipeline connecting the Kochi LNG terminal in the south to industries further north to be ready in two years, according to Managing Director Prabhat Singh. Petronet LNG is India’s biggest gas importer.

Indian Oil Corp (IOC) is in talks to buy 26 per cent stake in Gujarat State Petroleum Corp’s (GPSC) almost-completed Rs 4,500 crore Mundra LNG import terminal in Gujarat.

The ministry of shipping has signed a memorandum of understanding with the Inland Waterways Authority of India (IWAI) and Petronet LNG Ltd at the Maritime India Summit in April, with the objective of promoting the usage of LNG barges on National Waterway-1 on the river Ganga.

Russia has offered Indian oil companies a stake in the second phase of Yamal LNG, the biggest project to produce liquefied natural gas in the Arctic. Petronet LNG, India´s biggest natural gas importer, is studying the offer, while other state-owned firms like Indian Oil Corp (IOC) may join in later.

Petronet LNG aims to spend up to $3 billion in the next five years to expand overseas, setting up terminals in Sri Lanka and Bangladesh among other countries. Falling spot LNG prices have boosted consumption of the fuel in India and triggered demand for LNG infrastructure in countries long shut out of the gas trade.

As many as 141 agreements entailing an investment of Rs.82,900 crore ($13 billion) were signed at the Maritime India Summit, which was inaugurated by Prime Minister Narendra Modi. The investment commitments were across shipping, ports and allied sectors.

Petronet LNG, India´s leading gas importer, is in discussions with Qatar´s RasGas to tweak a decade-old liquefied natural gas (LNG) procurement deal. The Indian firm has been forced to cut down gas volumes from Qatar after the price of fuel bought through this long-term contract has become almost double the spot prices.