India's Petronet to invest $2.6 B for local expansion
India's top gas importer Petronet LNG will invest $2.6 billion over five years to expand local infrastructure as investing in overseas projects is 'not lucrative' in the current LNG surplus market, its head of finance said.
"Right now, investment in LNG terminals anywhere outside India is not very lucrative because LNG is available at very low prices it is only recently that prices have increased... availability of LNG is plenty," Vinod K Mishra said during an analyst call after the company reported its March quarter earnings.
He said at the moment, there was no financial incentive to invest in overseas projects to lock in LNG supplies.
The company was earlier planning to invest in projects in Sri Lanka, Bangladesh, Qatar and Tellurian's Driftwood LNG project.
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