Petronet LNG

What Petronet LNG does

Petronet LNG Limited is an India-headquartered public limited company that imports, stores, and regasifies liquefied natural gas for sale to downstream Indian consumers. Formed in 1998 as a joint venture among four oil and gas public sector undertakings (ONGC, IOCL, GAIL, and BPCL) with each holding 12.5% of equity, the remaining 50% is publicly traded on the NSE and BSE (ticker: PETRONET). The company operates India's largest single-location LNG terminal at Dahej, Gujarat, with nameplate capacity of 22.5 MMTPA following the March 2026 expansion, and a second terminal at Kochi, Kerala, with 5 MMTPA capacity, giving total regasification capacity of 27.5 MMTPA. Approximately 74% of India's total LNG imports and 34% of total natural gas consumption flow through Petronet LNG's infrastructure.

The company's core business is the regasification of LNG procured under long-term Sale and Purchase Agreements (7.5 MMTPA from QatarEnergy at Ras Laffan, renewed for 2028–2048, and 1.425 MMTPA from ExxonMobil's Gorgon project) and its onward sale under back-to-back gas sales agreements to PSU off-takers including GAIL, IOCL, BPCL, GSPC, and Torrent Power, which together account for 8.25 MTPA of firm capacity bookings. Revenue is complemented by tolling and ancillary services, small-scale LNG distribution via six truck loading bays (capacity of 60 trucks/day expanding to 120), LNG dispensing stations for heavy-duty vehicles, and chartered LNG vessel income from four dedicated carriers. The company is now extending into petrochemicals through a Rs 20,685 crore integrated complex at Dahej (750 KTPA propane dehydrogenation + 500 KTPA polypropylene) that leverages cold energy from regasification.

Petronet LNG earns revenue primarily through capacity-based regasification and tolling fees on long-term contracts with PSU off-takers, supplemented by spot and short-term LNG trading (handled through its Singapore subsidiary), shipping income, and emerging small-scale LNG and petrochemical revenue streams. The company has a market capitalisation of approximately Rs 50,000 crore and reported FY26 revenue of Rs 43,494.91 crore (down 14.69% YoY) and net profit of Rs 3,809.41 crore. The business model is capital-intensive, anchored in government relationships and PSU partnerships, and is undergoing a structural pivot from a pure regasification operator to a vertically integrated LNG-and-petrochemical platform with a renewed 22-year supply contract horizon.

Name

Petronet LNG

Legal name

Petronet LNG Limited

Website

https://petronetlng.in

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Petronet LNG Limited is an Indian public-sector-promoted LNG import and regasification company operating the country's two largest terminals (Dahej at 22.5 MMTPA and Kochi at 5 MMTPA), handling roughly 74% of India's LNG imports under long-term contracts with PSU off-takers including GAIL, IOCL, and BPCL, and is now expanding into integrated petrochemicals at Dahej.

Ownership category

akta.pro rank

Product category

LNG Regasification Services

NAICS

Natural Gas Distribution (22121), Pipeline Transportation of Natural Gas (48621), Petrochemical Manufacturing (32511)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922)

akta.pro primary industry

LNG Regasification Terminals (Onshore & FSRU) (EUALAFAB)

akta.pro secondary industries

LNG Storage, Terminals & Bunkering (Peak Shaving, Small-Scale LNG) (EUALAFAD), LNG Storage Tanks & Terminal Operations (EUAAACAG), LNG Import/Export Terminals (Liquefied Natural Gas) (TLAHABAL)

Keywords

• LNG regasification services
• LNG import terminals
• Natural gas distribution
• Petrochemical production
• Small scale LNG

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Regasification and Tolling Services: Petronet LNG earns regasification fees from customers booking capacity at its Dahej and Kochi terminals. The company has firm capacity booking agreements totalling 8.25 MTPA with major off-takers including GAIL, IOCL, BPCL, GSPC, and Torrent. It also offers tolling and ancillary services (unloading, storage, reloading, cool down, bunkering) to third-party bulk customers and smaller off-takers.
2. LNG Sale and Purchase (Long-Term Contracts): Petronet LNG imports LNG under long-term contracts: 7.5 MMTPA from QatarEnergy (Ras Laffan) on delivered basis (contract renewed from 2028 to 2048) and 1.425 MMTPA from ExxonMobil's Gorgon project (Australia). LNG is sold back-to-back to PSU off-takers (GAIL, IOCL, BPCL) under gas sales agreements, providing a stable throughput and margin.
3. Spot and Short-Term LNG Trading: Additional LNG sourced through spot and short-term contracts, sold to off-takers and bulk buyers from time to time to optimize portfolio and capture market opportunities.
4. LNG Shipping/Charter Income: Four long-term chartered LNG vessels (Disha, Raahi, Aseem, Prachi) transport LNG under time charter arrangements. Vessels are owned through joint venture companies in which PLL holds equity stakes (3% in ILT-3, 26% in ILT-4). SCI manages and operates the fleet. PLL's Singapore subsidiary may engage in LNG trading and portfolio optimization.
5. Small Scale LNG and LNG as Automotive Fuel: Revenue from truck loading fees for LNG sold to customers beyond pipeline reach (industrial consumers, CGD entities), and from LNG dispensing stations for heavy-duty trucks on national highways. Under the Taral brand at Kochi.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Petronet LNG imports, stores, and regasifies Liquefied Natural Gas (LNG) at its Dahej and Kochi terminals, supplying regasified LNG to PSU off-takers and industrial customers under long-term contracts. The company also operates small-scale LNG truck loading, LNG dispensing stations for heavy-duty vehicles, and is building an integrated petrochemical complex at Dahej using cold energy from regasification.

Differentiator

Problem solved

Functional benefit

Products and services

• Dahej LNG Terminal Regasification Services Receiving, storage, and regasification of LNG at India's largest single-location LNG terminal; 8 storage tanks, jetties for Q-Flex and Q-Max vessels; serves PSU off-takers GAIL, IOCL, BPCL and provides tolling/ancillary services to third-party bulk customers
• Kochi LNG Terminal Regasification Services LNG receiving, storage and regasification terminal with 5 MMTPA nameplate capacity in Kerala; serves southern India's gas demand with back-to-back arrangement for ExxonMobil's Gorgon LNG; offers tolling, storage, reloading, cool down and bunkering services
• Small Scale LNG (ssLNG) Distribution Supply of LNG through cryogenic road tankers to small industrial consumers, city gas distribution entities, and industrial customers not connected to gas pipelines; marketed under Taral brand at Kochi
• LNG as Automotive Fuel LNG dispensing stations on Indian national highways for heavy-duty trucks and inter-city buses; currently stations in Tamil Nadu, Karnataka, and Dahej Gujarat under development
• Dahej Petrochemicals Complex India's first petrochemical plant integrated with an LNG terminal; 750 KTPA Propane De-Hydrogenation unit and 500 KTPA Poly Propylene unit producing Polypropylene, Propylene, Hydrogen, Ethane, and Propane; uses cold energy from LNG regasification
• Petronet LNG Singapore - International LNG Trading International LNG purchase and sale on long, spot and short-term basis, trading of LNG, optimization and diversion of LNG under its portfolio, and investments in overseas ventures

Quantifiable outcome

• 74% of India's LNG imports handled by Petronet LNG terminals (FY2023-24)
• +6 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• MC2 FoundationminorStrategic or Co-development Partner · 3 April 2026Wholly-owned subsidiary of Petronet LNG incorporated on April 3, 2026 as a Section 8 company limited by guarantee. MC2 Foundation serves as an institutional mechanism to foster, incubate, and accelerate startups in India's energy sector aligned with national energy transition priorities. Board includes senior executives from PLL, BPCL, and HPCL. Focus areas include mentorship, research translation, and ecosystem integration.
• QatarEnergycoreStrategic or Co-development Partner · 1 January 2024Long-term LNG Sale and Purchase Agreement for 7.5 MMTPA of LNG from Ras Laffan, Qatar. Originally a 25-year contract starting 2004, renewed in 2024 for supply from May 2028 to December 2048 on delivered (DES) basis. This is Petronet LNG's single largest and most strategically critical supply arrangement, underpinning India's largest LNG import corridor.
• ExxonMobil (Gorgon Project, Australia)coreStrategic or Co-development Partner · 1 January 2017LNG SPA for 1.20 MMTPA from ExxonMobil's Gorgon project in Australia, in addition to an earlier 1.425 MMTPA arrangement also from Gorgon. Supply to Petronet LNG's Kochi terminal. PLL also signed a new SPA for 1.20 MMTPA with ExxonMobil in 2017. Pricing renegotiated to align with current market conditions.
• Oil and Natural Gas Corporation (ONGC)coreStrategic or Co-development Partner · 1 January 1998ONGC is one of four promoter PSU companies holding 50% of Petronet LNG's equity (balance 50% held by public, FIIs, FPIs, Mutual Funds). ONGC's nominee serves as a Director on PLL's Board. ONGC's nominee director is Shri Arun Kumar Singh, Chairman & CEO of ONGC.
• Indian Oil Corporation Limited (IOCL)coreStrategic or Co-development Partner · 1 January 1998IOCL is one of four promoter PSU companies holding equity in Petronet LNG. IOCL's Chairman Shri Arvinder Singh Sahney serves as Nominee Director on PLL's Board. IOCL is a key back-to-back off-taker of LNG under gas sales agreements.
• GAIL (India) LimitedcoreStrategic or Co-development Partner · 1 January 1998GAIL is one of four promoter PSU companies holding equity in Petronet LNG. GAIL's nominee Shri Deepak Gupta (Director Projects) serves as Nominee Director on PLL's Board. GAIL is a key off-taker under gas sales agreements and operates India's gas pipeline network.
• Bharat Petroleum Corporation Limited (BPCL)coreStrategic or Co-development Partner · 1 January 1998BPCL is one of four promoter PSU companies holding equity in Petronet LNG. BPCL's nominee Shri Sanjay Khanna (Chairman & CMD) serves as Nominee Director on PLL's Board. BPCL is a key off-taker under back-to-back gas sales agreements.
• Shipping Corporation of India (SCI)coreStrategic or Co-development PartnerSCI is the technical manager and manning agent for Petronet LNG's entire fleet of four long-term chartered LNG vessels (Disha, Raahi, Aseem, Prachi). SCI holds equity stakes in the ship-owning joint venture companies (3% in ILT-3, 26% in ILT-4). SCI-led consortium manages and operates PLL's LNG carriers.
• India LNG Transport Co. (No. 4) Private Limited (ILT-4)coreStrategic or Co-development PartnerJoint venture company owning the LNG vessel MT Prachi. Petronet LNG holds 26% equity. Other equity holders include NYK Line, MOL, K-Line, and Shipping Corporation of India. The vessel transports LNG from Gorgon, Australia under a long-term time charter to PLL.
• Adani Petronet (Dahej) Port Limited (APDPL)minorStrategic or Co-development PartnerJoint venture between Petronet LNG (26% equity) and Adani Ports and Special Economic Zone Ltd. APDPL owns and operates a solid cargo port at Dahej handling coal, steel, fertilisers, and other bulk products. Commenced operations in August 2010.
• MOL (Mitsui O.S.K. Lines), NYK Line, K-Line (Japan)coreStrategic or Co-development PartnerJapanese shipping companies (MOL, NYK Line, K-Line) are joint venture partners in the ship-owning companies for PLL's LNG carriers (Disha, Raahi, Aseem, Prachi), alongside Shipping Corporation of India. These are among the world's largest LNG shipowners, providing vessel expertise and equity to PLL's shipping operations.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• GAIL (India) Limited: GAIL is India's largest natural gas pipeline and distribution company and PLL's largest off-taker (firm capacity booking of 8.25 MTPA). As a PSU promoter (12.5% equity) and buyer under back-to-back gas sales agreements, GAIL is the most directly comparable Indian gas infrastructure peer in terms of LNG offtake, pipeline transmission, and CGD.
• Indian Oil Corporation Limited (IOCL): IOCL is a PLL promoter (12.5% equity), a long-term LNG off-taker under gas sales agreements, and operates its own LNG import and regasification facilities at Ennore and elsewhere. IOCL is a direct peer in LNG procurement, regasification services, and downstream petrochemicals (including a planned mega petrochemical complex at Paradip).
• Bharat Petroleum Corporation Limited (BPCL): BPCL is a PLL promoter (12.5% equity), a long-term LNG off-taker, and operates its own petrochemical facilities (including the niche PDPP project at Kochi refinery). It is a direct peer in LNG offtake and downstream petrochemical production, particularly relevant given the parallel PDH-PP petrochemical thesis at Dahej.
• Höegh LNG: Höegh LNG is a global owner and operator of floating storage and regasification units (FSRUs), competing in the same midstream LNG space as Petronet LNG. Its FSRU-based regasification model is comparable to onshore terminals, particularly relevant as Indian and global markets evaluate FSRU alternatives to capital-intensive onshore builds.
• Excelerate Energy: Excelerate Energy is one of the largest FSRU operators globally, providing regasification services under long-term agreements similar to Petronet LNG's tolling arrangements. Its floating terminal model competes with PLL's onshore terminals for new global regasification tenders.
• Golar LNG: Golar LNG operates FLNG (floating LNG) and FSRU assets, including FLNG Hilli Episeyo, and competes with onshore regasification terminals for global LNG midstream contracts. Comparable to PLL's terminal operations and small-scale LNG infrastructure focus.

Broad incumbents

• ONGC (Oil and Natural Gas Corporation): ONGC is PLL's largest promoter (12.5% equity) and India's dominant upstream oil and gas producer. While ONGC focuses on production rather than midstream LNG, its integrated value-chain position and joint oversight of PLL make it a key strategic peer in India's gas infrastructure ecosystem.
• Cheniere Energy: Cheniere is the largest LNG operator in the United States and a global benchmark for LNG terminal infrastructure, with major liquefaction and regasification capacity. While predominantly a liquefaction/export operator, Cheniere is a comparable in LNG terminal scale economics, infrastructure investment, and long-term SPA structures.

Emerging players

• H-Energy: H-Energy operates the Jaigarh LNG terminal on India's west coast, directly competing with Petronet LNG's Dahej facility for Indian LNG import volumes. As a smaller, private-sector Indian LNG terminal operator, it is the most direct emerging domestic competitor.

Regional players

• Adani Total Gas: Adani Total Gas is one of India's largest city gas distribution (CGD) players and is part of the Adani group, which is also developing LNG import infrastructure at Dhamra. It is a downstream peer in the same gas value chain, competing for CGD volumes that PLL serves via its small-scale LNG and truck-loading operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petronet LNG