Petronet LNG of India to Raise USD 1 Billion in Debt

Petronet LNG of India plans to raise about $1 billion in debt in 2012 to expand its import capacity, Bloomberg reported, citing the company’s Finance Director R.K. Garg.

The company plans to use about $600 million to build a new LNG terminal at Gangavaram port in Andhra Pradesh state on the east coast and $400 million to expand the Dahej LNG terminal in the western state of Gujarat to 15 mtpa from 10 mtpa.

Petronet LNG, India’s biggest importer of liquefied natural gas, and Gangavaram Port Limited (GPL) recently signed a deal to develop a land based LNG terminal at Gangavaram Port, Andhra Pradesh.

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

[mappress]
LNG World News Staff, June 12, 2012; Image: Petronet