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Petronet being probed over gas purchase contracts

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  28 April 2015 12:00 AM GMT

New Delhi, April 27: State-run Petronet LNG is being investigated for alleged irregularities in gas purchase contracts, Petroleum Minister Dharmendra Pradhan told parliament on Monday. “Complaints regarding alleged irregularities in respect of long term liquefied tural gas (LNG) contracts executed by Petronet LNG Ltd (PLL) for import of 7.5 mtpa (million tonnes per annum) with Rasgas, Qatar and 1.44 mtpa with Exxon Mobil Gorgon Project in Australia have been received,” the minister told the Lok Sabha in a written reply. “A committee was constituted by the government to enquire into the alleged irregularities and findings of the committee are under examition in consultation with the Central Vigilance Commission,” he added. Petronet has set up the country’s first LNG termil at Dahej in Gujarat, and another termil at Kochi in Kerala with a total capacity of 15 mtpa. State-run firms, GAIL India, Bharat Petroleum Indian Oil and Oil and tural Gas Corp, each hold 12.5 percent stake in Petronet, while GDF Suez has a 10 percent stake. The balance 40 percent is held by investors and foreign portfolio investors. Petronet on Friday posted a net profit of Rs.882.5 crore for fiscal 2014-15. (IANS)

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