HPCL could buy 8 pct stake in Gangavaram LNG

HPCL could buy 8 pct stake in Gangavaram LNG

Hindustan Petroleum Corp is eyeing an 8 percent stake in Petronet’s Rs 5000 crore LNG terminal at Gangavaram.

A Petronet official told local media that interest in the terminal stake comes from a large gas demand by the HPCL’s Visakhapatnam refinery, which is being expanded to 15 mtpa.

Petronet said it has earmarked 24% shareholding for strategic investors and Gangavaram port has already acquired 8% with a similar stake being offered to HPCL.

The facility being developed by Petronet LNG will have an initial capacity of 5 mtpa with the construction completion date set for 2018.

LNG World News Staff; Image: Petronet

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