Mr. B. C. Tripathi, Chairman and Managing Director of GAIL, has announced that the liquefied natural gas (LNG) terminal in Dabhol is likely to be commissioned by the end of January 2013.He said: “The construction is expected to be completed by November-end. We are expecting the first cargo by December and commissioning should happen by January 2013.” The cargo is yet to be tied up and GAIL is in talks with different players, he said and added that the company would buy about eight additional spot cargoes till the end of the current financial year.
GAIL is conducting a due-diligence for buying equity in Mukesh Ambani-promoted Reliance Gas Transportation Infrastructure Ltd (RGTIL).
“Gas transmission is our core business. We would evaluate the proposal and take a decision at a suitable moment. We are doing the due-diligence,” Mr. Tripathi stated. At the same time, GAIL Board has given its go-ahead for the Rs. 2,000-crore proposal for doubling the capacity of Jamnagar-Loni LPG pipeline.
The work will be completed in 36 months and the capacity would increase to 4.5 million tonnes from 2.5 million tonnes currently, he pointed out.
The gas transmission and marketing company said its net profit during the second quarter of this fiscal has gone down 10 per cent against the same quarter last year. This is because of higher subsidy burden and drop in gas transmission volumes. It reported profit after tax of Rs. 985 crores during July-September against Rs. 1,094 crores in the same period last fiscal.
“The drop in net profit is due to a 39 per cent increase in subsidy burden borne by the company. The subsidy burden has gone up to Rs. 786 crores from Rs. 567 crores,” he observed.
GAIL saw its revenues from natural gas transmission reduced to Rs. 1,802 crores in the second quarter of 2012-13 against Rs. 1,919 crores in the corresponding period previous year. “We are transmitting 11 million metric standard cubic metre less every day (mmscmd),” the Chairman noted.
The turnover in the second quarter increased 17 per cent to Rs. 11,361 crores against Rs. 9,699 crores in the second quarter last year.
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