Oil India likely to diversify into LNG business

Oil India is planning to get into the liquefied natural gas (LNG) business by the end of this fiscal. The company is in discussion with companies such as Kakinada Seaports for exploring opportunities to set up an LNG terminal. The oil companies are forced get into imports market due to inadequate domestic natural gas production and growing demand. Currently, country has two LNG terminals.

The company’s net profit for the fourth quarter ended March 31, 2012 fell by 20.94% to Rs 444.81 crore as compared to Rs 562.61 crore for the quarter ended March 31, 2011. The total income has decreased by 5.24% to Rs 2141.00 crore for the quarter under review from Rs 2259.30 crore for the corresponding quarter of the previous year.