Deepak Nitrite subsidiary will offtake propylene and hydrogen from Petronet LNG
The arrangement spans 15 years from the initial delivery of propylene and hydrogen.
A wholly-owned subsidiary of Deepak Nitrite Limited announced that it will offtake propylene and hydrogen from Petronet LNG Limited (PLL).
The wholly-owned subsidiary, Deepak Phenolics Limited, will offtake 250 kilotons per annum (KTPA) of propylene and 11 KTPA of hydrogen from Petronet’s Petrochemical Project in Dahej, Gujarat, as stated by Deepak Nitrite in an exchange filing. For this, the boards of both companies approved a binding term sheet.
Shares of Deepak Nitrite have gained 14 percent since January 1 and 7 percent over the last year.
Deepak Nitrite reported a 17.5 percent year-on-year (YoY) rise in net profit at Rs 205.1 crore for the second quarter ending September 30, 2023. The company's revenue from operations declined 9.4 percent to Rs 1,778.1 crore against Rs 1,961.7 crore in the corresponding period of the preceding fiscal.
Deepak Nitrite produces a spectrum of chemicals, including agrochemicals, colorants, rubber, pharmaceuticals, speciality, and fine chemicals. Petronet LNG Limited provides services such as regasification, storage and reloading, bunkering, gassing-up and cooling-down facilities, and LNG truck loading facilities.
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