India: Petronet, Gangavaram Port Sign LNG Terminal Deal

Petronet LNG, India’s biggest importer of liquefied natural gas, said today that the company and Gangavaram Port Limited (GPL) signed a firm and binding term sheet for developing a land based LNG terminal at Gangavaram Port, Andhra Pradesh.

The terminal will have a capacity of 5 million tonnes per year.

The LNG terminal at Gangavaram Port will comprise of facilities for receiving, storage and regasification of LNG and will be developed with an approximate investment of Rs 4500 Crores.

Petronet has set up the country’s first LNG receiving and regasification terminal at Dahej, and it is building another terminal at Kochi, which is likely to be commissioned by Nov-Dec this year.

The Gangavaram LNG terminal will help meet the growing energy demand of the State of Andhra Pradesh and will also cater to the increasing gas requirements of eastern and central part of India.

1 Indian rupee = 0.018909 U.S. dollars

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LNG World News Staff, May 2, 2012; Image: Petronet