Petronet, Hiranandani to build LNG terminals, to buy LNG from Gazprom

Petronet LNG Ltd. | Industrial Gases & Fuels | Oil & Gas | BSE: 532522 | NSE: PETRONET

02 Jun 2011 Evaluate

Petronet LNG has identified eight to nine locations on the east coast to build a new LNG terminal, while real estate developer Hiranandani group plans to build a facility on the west coast as India’s demand for the imported fuel is projected to rise sharply. In the current environment the average cost of constructing a LNG terminal is $900 million-$1.5 billion. Petronet LNG is also building a new terminal in Kochi, Kerala and is planning to expand the existing capacity at its Dahej terminal from 10 million standard cubic metres (MSCM) to 15 MSCM.

Mumbai-based real-estate major, Hiranandani group is also planning to set up an 8-million tonne LNG terminal at Dighi port in Maharashtra for captive use at its upcoming power plant and to cater to consumers in the power and fertiliser industries. Around 40% of the 8 million tonne will be kept for its captive use in our power plant. While for the rest the firm is in dialogue with various players in the energy sector, power and fertiliser industries.

The group is also building a gas-fired power plant in Talegaon, Pune. The first phase of the plant will generate around 350 MW, which will finally be ramped up to 2500 MW. It has achieved financial closure for the first 350 MW of capacity, which will be set up at a cost of Rs. 1,800 crore. Similarly, Petronet LNG is also setting up a power plant, close to its LNG terminal, with a capacity of 1000-1200 MW in Dahej, the DFR has already been prepared and the Gujarat government has already allotted 50 hectares for the same.

Petronet LNG Ltd has signed a memorandum of understanding with marketing arm of Russia's Gazprom Global LNG to buy about 2.5 million tonne per annum of liquefied natural gas for up to 25 years. The two companies have decided to a direct long-term relationship after Gazprom Marketing and Trading successfully delivered several spot cargoes through third party arrangements for Petronet's Dahej LNG terminal. Gazprom sees India as one of its key markets for LNG supplies, which also include Japan and other North Asian countries, as it continues to strengthen its presence and operations in Asia-Pacific.

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Petronet LNG Share Price

283.80 1.95 (0.69%)

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