{"id":12258,"date":"2024-10-25T08:38:48","date_gmt":"2024-10-25T08:38:48","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12258"},"modified":"2024-10-25T08:38:48","modified_gmt":"2024-10-25T08:38:48","slug":"indias-adani-total-gas-books-higher-profit-as-natural-gas-vehicle-use-grows","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12258\/","title":{"rendered":"India\u2019s Adani Total Gas Books Higher Profit as Natural Gas-Vehicle Use Grows"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Indian firm Adani Total Gas reported on Thursday a 7.5% increase<\/a> in its consolidated profit for the quarter ended September 30, as sales of compressed natural gas (CNG) for vehicles continue to grow.<\/p>\n

Adani Total Gas, part of the Adani conglomerate in India, thus reported higher profits for the seventh consecutive quarter amid a wider government-led push for cleaner vehicle fuel use.<\/p>\n

Diesel is still the most widely used road transport fuel in India, with sales outstripping the consumption of gasoline.<\/p>\n

Adani Total Gas said on Thursday that its consolidated profit increased by 7.5% to $22.2 million (1.87 billion Indian rupees) in the July-September quarter compared to the same period last year.<\/p>\n

Revenues also rose, driven by CNG sales, which represent about 67% of Adani Total Gas’s overall sales. CNG sales jumped by 20% in the September quarter from a year earlier.<\/p>\n

The company is expanding its gas sales across India. Last month, Adani Total Gas entered into a maiden financing agreement<\/a> for $375 million with international lenders to help it accelerate its City Gas Distribution (CGD) infrastructure program.<\/p>\n

Adani Total Gas has been promoting LNG for transport use and it could benefit immensely from the expected robust growth in India’s gas demand.<\/p>\n

Apart from fuel for transportation, India plans to ramp up LNG imports and the use of natural gas as a fuel cleaner than coal and needed in many industrial processes.<\/p>\n

India’s industry expansion and rising oil refining to meet higher fuel demand are\u00a0set to drive a tripling<\/a>\u00a0of the country’s natural gas consumption by 2050, the U.S. Energy Information Administration (EIA) said earlier this year.<\/p>\n

Per the EIA forecasts, India’s gas demand – buoyed by oil refining and other industrial production – is expected to grow at an annual rate of 4.4% by 2050, more than twice the 2.0% annual growth rate of gas consumption in China, the next-fastest-growing country.<\/p>\n

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