Petronet LNG: LNG terminal expansion projects update, increasing trade via Singapore unit
According to Reuters, a Petronet LNG executive said that the Dahej LNG terminal expansion project is scheduled to be completed in 3 mos-4 mos. In addition, the executive provided the following update on other projects:
- The 5-MMtpy Kochi LNG terminal is operating at 25% capacity
- The Gopalpur LNG terminal is expected to be completed in 3 yr
- India's gas consumption is forecast to increase 3.5 times from its current levels to reach 15% of the country's total energy mix. To reach this goal, Indian LNG imports will have to increase approximately 120 MMtpy.
In addition to LNG project updates, Petronet LNG plans to trade LNG through its Singapore-based unit, CEO A K Singh said on Thursday. The company will not trade LNG cargoes procured under long-term deals, he said in a press conference at the India Energy Week.
"Right now, we are managing (LNG purchases) from here. At an opportune time, we will start the (trading) operations," Singh said. He said India's gas demand is set to rise three-and-a-half times to meet the country's goal of having a 15% share of LNG in the energy mix from 6.2% currently.
Separately, Petronet's head of finance, Vinod Kumar Mishra, said the firm has mandated SBI Caps to arrange 140 billion rupees ($1.61 billion) of debt for its new petrochemical project that costs 200 billion rupees.
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