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Petronet eyes 12-14 LNG spot cargoes in Sept-Dec

Petronet eyes 12-14 LNG spot cargoes in Sept-Dec
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First Published: Tue, Oct 18 2011. 06 47 PM IST

Petronet LNG Dahej terminal. File photo.
Petronet LNG Dahej terminal. File photo.
Updated: Tue, Oct 18 2011. 06 47 PM IST
New Delhi: Petronet LNG aims to get 12 to 14 spot cargoes of liquefied natural gas (LNG) in the quarter ending 31 December, its chief executive A. K. Balyan said on Tuesday, to meet surging local demand amid falling output.
Petronet LNG Dahej terminal. File photo.
In the September quarter, the gas importer regassified 42 cargoes, of which 12 were spot cargoes.
“We hope to maintain the trend of the previous quarter. Spot LNG cargoes should be 12 to 14,” he said.
Petronet, which operates a 10 million-tonne-a-year LNG regassification plant at Dahej in Gujarat, plans to raise it to 15 million tonnes a year by end-2015.
It plans to invest Rs 3,000 crore ($612.8 million) and commission a 5-million-tonne per year Kochi LNG terminal in southern India in the last quarter of the next calendar year.
Besides, the gas importer is considering building a new terminal of about 5 million tonnes a year on the east coast, Balyan said.
Petronet currently gets 7.5 million tonnes of LNG per year from Qatar for Dahej and has a deal with Australia’s Gorgon project for 1.5 million tonnes per year of LNG supplies from 2014 for its Kochi plant.
Earlier this year, it signed an initial pact with Russia’s Gazprom to buy 2.5 million tonnes LNG annually.
Balyan also said Petronet is in talks to buy ‘minority´ stakes in LNG projects in Australia as it seeks to secure supplies for expanding capacities.
Petronet sells LNG to state-run firms Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and GAIL (India) Ltd, which then supply to industrial users.
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First Published: Tue, Oct 18 2011. 06 47 PM IST
More Topics: Petronet | LNG | Cargo | Dahej | Regassification Plant |