Indian LNG supplier to offer 18% share in new Gangavaram terminal
Petronet LNG is set to offer an 18 percent share in its new LNG import facility, currently under construction in the Indian Port of Gangavaram.
Speaking to reporters, AK Balyan, Petronet LNG’s chief executive, said that the company is predominately looking for “a producer or supplier of gas”.
“Several well-known companies have got in touch and would like to have more information,” added Balyan.
The new terminal, Petronet’s third in India and its first on the east coast, is expected to be operational by 2016 with an initial five million tonne capacity, while plans are also in place to double this to ten million tonnes in the future.
Petronet, India’s largest gas exporter and the Port of Ganagavaram will hold stakes in the facility of 74 percent and 8 percent respectively, with the remaining stake offered to a gas supplier or producer.
Gangavaram Port, the deepest all weather port in India, is located near Visakhapatnam in the Indian State of Andhra Pradesh.