Petronet LNG Limited, an Indian oil and gas company formed by the government of India with a specific purpose of importing the liquefied natural gas (LNG) and building up LNG terminals in the country, is setting up an LNG terminal at Gangavaram port, at the cost of INR 4,500 crore. The company, which has already built one at Dahej, Gujarat, has submitted the very important the Environment Impact Assessment (EIA) report to the Andhra Pradesh Pollution Control Board. All the necessary formalities such as the topography survey, soil analysis and other surveys are expected to be completed soon and the contract might be awarded in January or February. Mr. A.K.Balan, Managing Director, said that the company was considering options other than constructing it with a goal of commissioning the terminal so as to import LNG by 2014 since construction would take about three years. He said: “We are considering chartering a floating LNG storage and regasification unit and the company has already received expression of interest from bidders. We are weighing the options”. He also said that the company would retain more than 70% of the equity with itself and offer a small portion to the Gangavaram port and another small portion to a partner from abroad. He added: “We do not need a foreign strategic partner for finances, but for the other purposes. We are in search of one”.
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