Petronet LNG Shares Plunge 10% Amid Iran War, Declares Force Majeure on Shipments
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Petronet LNG Shares Plunge 10% Amid Iran War; Declares Force Majeure on LNG Shipments
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CNBC TV18•04-03-2026, 10:20
Petronet LNG Shares Plunge 10% Amid Iran War; Declares Force Majeure on LNG Shipments
•Petronet LNG shares dropped 10% after declaring 'force majeure' on LNG shipments due to unsafe transit through the Strait of Hormuz.
•The company cited the ongoing war in the Middle East involving Iran and Israel as the reason for vessels being unable to reach QatarEnergy's Ras Laffan port.
•Petronet LNG issued force majeure notices to QatarEnergy and subsequently to off-takers GAIL (India) Limited, Indian Oil Corporation Limited, and Bharat Petroleum Corporation Limited.
•Acts of war are excluded from Petronet LNG's Business Interruption Insurance coverage, and the full impact of the force majeure is currently unestimable.
•Despite the market reaction, Petronet LNG reported a 5.2% rise in Q3 net profit to ₹848.3 crore and a 1.4% QoQ revenue growth to ₹11,163 crore.
