Deepak Fertilisers shares up 9% on 15-year LNG contract deal with Norway-based company

This agreement is for annual supplies of up to 0.65 million tonnes over a period of 15 years, beginning 2026.

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Shares of Deepak Fertilisers and Petrochemicals Corporation (DFPCL) rose 9 percent in opening trade on February 20 after the company entered into a long-term supply agreement for Liquefied Natural Gas (LNG) with Norway-based Equinor.

At 09:22 hrs, Deepak Fertilisers and Petrochemicals Corporation was quoting at Rs 540.10, up Rs 45.70, or 9.24 percent, on the BSE.

This agreement is for annual supplies of up to 0.65 million tonnes for 15 years, beginning 2026.

The tie-up provides room for trading some LNG parcels in the growing LNG demands in India as well as accommodating DFPCL’s growing captive needs. The LNG will be delivered to the west coast of India.

With this tie-up, DFPCL strengthens its value chain with an attractive long-term LNG contract to solidify its value chain from Gas to Ammonia to various downstream Fertilisers, Industrial Chemicals and Mining Chemicals. This end-to-end tie-up shall establish a strong long-term foundation for all of DFPCL’s product segments, the company said.

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The company’s net profit fell 77 percent to Rs 57.56 crore in the quarter ended December 2023.