Now Reading: Petronet revenues slump 52% as Qatar force majeure stalls supplies
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Petronet revenues slump 52% as Qatar force majeure stalls supplies
Petronet revenues slump 52% as Qatar force majeure stalls supplies
Petronet LNG's standalone revenues for the June quarter dropped 52.3% year-on-year to ₹5,788 crore, hit by Qatar's force majeure on LNG exports. The West Asia crisis, triggered by Iran striking two Qatari…
The Story in Brief
Petronet LNG's standalone revenues for the June quarter dropped 52.3% year-on-year to ₹5,788 crore, hit by Qatar's force majeure on LNG exports. The West Asia crisis, triggered by Iran striking two Qatari production trains in March, has disrupted supplies through the Strait of Hormuz. Profit, however, rose 33.2% to ₹1,132 crore.
Qatar has not given a definite supply plan for September, Petronet CEO A K Singh said. The force majeure has affected 56 cargoes so far. To compensate, Indian firms are importing from Oman, the US, Nigeria, and Angola. The Qatar deal allows delayed deliveries until April 2028. Separately, Petronet will get 600,000 tonnes of LNG from Australia's Gorgon project this year.
The Indian Opinion
Indian news outlets are painting this as a crisis of energy security, but Petronet's profit jump should temper the alarm. The real story is not panic but pragmatism: diversifying to Oman, the US, and Nigeria while keeping Qatar's delayed cargoes on the books until 2028. The hype about a permanent supply rupture is lazy. Watch for September: if Qatar lifts force majeure, the narrative flips. If not, the test is whether Petronet can sustain profits while replacing 56 cargoes at market rates.
Sources (2): thehindu.com, economictimes.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
