Petronet LNG to take stake in shipping venture

10 April 2013
Kochi

Petronet LNG Ltd, India’s biggest importer of liquefied natural gas, will take 26 per cent stake in a shipping venture planned to haul gas to its new terminal at Kochi in Kerala.”We have decided to take 26 per cent stake in the LNG tanker we will time charter for 20 years,” Petronet Director (Finance) R K Garg told PTI here.

Petronet, which is building a 5 million tonne per annum capacity LNG import facility at Kochi, wants a 216,000 cubic meters capacity ship to haul liquid gas (LNG) from Gorgon, Australia. The vessel will be owned and operated by a shipping consortium, in which Petronet will pick up 26 per cent stake. It will hold 26 per cent of the company formed by the successful ship-owning and operating consortium. The balance 74 per cent will be distributed among the shipowners and operators.

Besides building the Kochi terminal, it is also constructing a 5 million tonne capacity facility at Gangavaram in Andhra Pradesh.

Source – http://www.moneycontrol.com/news/business/petronet-to-take-26-stakelng-shipping-venture_850718.html

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