Petronet LNG will invest Rs 40,000 crore to expand its import capacity and petrochemicals to triple net profit by 2028. The company is entering into the petrochemical business by investing Rs 12,685 crore in a propane dehydrogenation plant, which will convert imported feedstock into propylene.

In addition, Petronet plans to set up an LNG import facility at Gopalpur in Odisha with an estimated investment of Rs 2,300 crore. It will invest Rs 600 crore in raising the capacity of the Dahej LNG import terminal to 22.5 million tonne and Rs 1,245 crore in building an additional storage tank and bays for truck loading of LNG. The Dahej import terminal will host a third jetty to import propane, ethane and LNG. The company also seeks to establish a four million tpa LNG import terminal at Gopalpur port.

Initially, it planned to set up a floating storage and regasification (FSRU)-based LNG import facility, but the firm is now looking at a land-based terminal. Petronet, which recently extended a deal to import 7.5 million tpa of LNG from Qatar by 20 years, is also planning to invest in overseas projects such as a floating LNG terminal at Colombo in Sri Lanka.

Further, the company has charted a 1-5-10-40 strategy, increasing turnover to Rs one lakh crore in five years with a net profit of Rs 10,000 crore from investing in expansions. It operates a 17.5 million tpa flagship import terminal at Dahej in Gujarat and another five million tonne facility at Kochi, Kerala. The company expects to start shipping LNG in containers to Sri Lanka in the next 18 months and is looking to set up an import terminal at Colombo port in five years.

Petronet is 50 percent owned by Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), gas utility GAIL (India) and oil and gas producer Oil and Natural Gas Corporation (ONGC). It has four companies on its board, with the Secretary of the Ministry of Petroleum and Natural Gas as the head.