GAIL restores supply cuts on LNG flow from ex Gazprom arm


NEW DELHI: State Gas Company GAIL has restored delivery Cuts imposed last year due to import disruptions stemming from the Ukraine conflict have resumed at a former Singapore-based Gazprom subsidiary LNG (Liquefied natural gas) supplies, the company’s chairman Sandeep Gupta said on Thursday.
Deliveries delivered since March and promised for June reflected the volumes promised in a 20-year contract signed in 2012 with Gazprom Marketing and Trading Singapore Pte Ltd (GMTS), Gupta said, adding that this will help turn gas consumption around 6-7% increase.
Disruptions in supplies had forced GAIL to cut supplies and scale back operations at its petrochemical plant after GMTS halted LNG supplies as the company was placed under German government administration and a new name – Sefe Marketing and Trading Singapore Pte Ltd (SMTS) – got Ukraine.
The company’s profit fell by 77% to Rs.603 crore in the fourth quarter of 2022/23 compared to Rs.2,683 crore a year earlier, which was driven by petrochemicals. Earnings increased 146% sequentially from the third quarter.
For the full financial year 2022-23, net profit was Rs.5,301.51 crore, down 48% from Rs.10,363.97 crore in the previous financial year.
Gupta said the company has an investment plan of 10,000 crore rupees which will be funded through a mix of internal provisions and borrowing.

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