Petronet LNG Plans Overseas Terminals

Indian state Petronet LNG is planning to build LNG terminals in neighbouring countries of Myanmar, Bangladesh, Sri Lanka and Mauritius at an investment of around $2.5 billion, Mint reported April 30. The company is also looking to build a terminal in the Maldives.

Prabhat Singh, managing director of Petronet, told the newspaper that the firm was looking at setting up the following: a 7.5mn mt/yr terminal in Bangladesh, a 2.6mn mt/yr terminal in Sri Lanka, a 3.5mn mt/yr terminal in Myanmar and a 1mn mt/yr terminal in Mauritius. “Petronet has been until now actually focusing inwards within the domestic market. Now, the time has come to make global forays starting with the neighbouring countries first,” Singh said. The move is also aimed at countering the rising Chinese influence in these countries.  

Petronet has already signed an MoU with Bangladesh state Petrobangla and with the Sri Lankan government.  While presentations have been made to the Myanmar government, Petronet is among the firms shortlisted to set up the LNG terminal in Mauritius, Mint reported.

“Since, this is the golden age of gas, for sure the abundance of gas supply and the low cost is going to dominate at least for the next two decades. So, this is a great time to really proliferate one’s business and to grow in terms of creating infrastructure which is the need of the hour today,” Singh said.