Petronet LNG Posts Rs 855.74 Crore Q2 Profit, Approves Rs 20,685 Crore Petrochemical Project

31 Oct 2023 , 10:01 AM

Petronet LNG, a government-owned oil and gas company, reported a consolidated net profit of Rs 855.74 crore for the second quarter of FY24, representing a 4.4% increase from the previous quarter’s Rs 819 crore.

The company’s consolidated revenue from operations in Q2FY24 surged by 7.5% to Rs 12,532.57 crore compared to Rs 11,656.38 crore in the April-June quarter.

Petronet LNG’s board of directors approved an investment for a petrochemical project. This project involves setting up a Polypropylene (PP) plant with a capacity of 750 KTPA of PDH and 500 KTPA of PP, along with facilities for propane and ethane handling in Dahej, Gujarat. The estimated project cost is Rs 20,685 crore.

The project is expected to generate revenue through the sale of Polypropylene, Propylene, Propane, Hydrogen, and Ethane. It will also benefit from the efficient utilization of ‘ColdEnergy’ from PLL’s existing Dahej LNG terminal.

In addition to the industrial project, Petronet LNG has plans to develop a green belt area covering 25 hectares in the region.

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