Petronet LNG defends petchem diversification plan after shares fall 8.5%

Petronet LNG has defended the decision to diversify into petrochemicals after its shares fell 8.5% on Monday, with its CEO saying the Rs 21,000 crore-project would be profitable and “substantially improve” the finances of the firm.

Petronet’s board on Monday gave a green signal to a plan to set up a petrochemical plant as well as propane and ethane handling facilities at Dahej in Gujarat, which already has its largest liquefied natural gas (LNG) import terminal.