India: Petronet LNG May Offer Stakes in Gangavaram LNG Terminal

Petronet LNG of India will likely offer stakes in the the Gangavaram LNG terminal to the Gangavaram Port and the Andhra Pradesh government, The Economic Times reported, citing DVS Raju, chairman and managing director of Gangavaram Port.

Petronet LNG has responded “positively” to a request by the Gangavaram Port for buying an 8-10% stake in the LNG terminal.

“Petronet LNG said the matter is being referred to its board for approval,” he said.

Petronet LNG and Gangavaram Port signed last week a firm and binding term sheet for developing a land based LNG terminal at Gangavaram Port, Andhra Pradesh with a capacity of 5.0 mtpa.

India’s biggest LNG importer 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.

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LNG World News Staff, May 7, 2012; Image: Petronet LNG