HPCL buys out partner in Indian LNG import project
India's state-owned Hindustan Petroleum Corp Ltd (HPCL) announced on March 28 it had agreed to buy a 50% share in an LNG regasification plant under construction in the country's western Gujarat state from the private Shapoorji Pallonji group, taking its ownership to 100%.
The all-cash deal is expected to be closed by March 31, HPCL said, without disclosing how much it would pay. No governmental or regulatory approvals are needed, it said.
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The LNG terminal in Chhara will have an import capacity 5mn metric tons/year, which could later be expanded to 10mn mt/yr. It is expected to come online in 2023, having fallen behind schedule by a year. Japan's Toyo Engineering was hired as the engineering, procurement and construction contractor for the plant in 2019.