sify.com: Ispat to source LNG from GAIL, Shell
Sunday, 08 August , 2004, 09:09
Ispat Industries Ltd is in talks with GAIL(India) Ltd and Shell to source natural gas to run its 1.2-million tonne per annum Dolvi sponge iron plant at full capacity.
The company is negotiating to obtain natural gas supplies of around 2.3 million standard cubic metres per day (mscmpd).
Ispat hopes higher supplies will boost profits significantly as the Dolvi plant has been running 35 per cent below capacity because of gas shortage.
The company’s net profit dipped by 46 per cent in March 2004 to Rs 44.32 crore compared to Rs 82.8 crore last year. This is in spite of a higher turnover of Rs 3,734.3 crore against Rs 3,108.27 crore achieved last year.