Petronet LNG Ltd, the operator of the world’s largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore in expanding import capacity and petrochemicals with a target to treble net profit by 2028, its CEO A K Singh said.

Petronet is making a foray into the petrochemical business by investing Rs 12,685 crore in a propane dehydrogenation plant that will convert imported feedstock into propylene, as well as setting up an LNG import facility at Gopalpur in Odisha at a cost of Rs 2,300 crore, he said on the sidelines of India Energy Week.

The firm, which this week extended a deal to import 7.5 million tonnes a year of LNG from Qatar by 20 years, is also looking at investing in overseas projects such as a floating LNG terminal at Colombo in Sri Lanka.

“We have charted a 1-5-10-40 strategy — increasing turnover to Rs 1 lakh crore in 5 years with a net profit of Rs 10,000 crore from investing Rs 40,000 crore in expansions,” he said.

The strategy started two years back and is for the period up to 2027-28.

Petronet currently has a turnover of Rs 55,000-60,000 crore and an annual net profit of Rs 3,200 crore.

It operates a 17.5 million tonnes-a-year flagship import terminal at Dahej in Gujarat and another 5 million tonnes facility at Kochi, Kerala.