IFC to lend $150 mn to Petronet LNG Ltd

IFC to lend $150 mn to Petronet LNG Ltd

New Delhi: IFC, the World Bank’s private lending arm, will extend a loan of $150 million to Petronet LNG Ltd for construction of a new liquefied natural gas import and regasification terminal at Kochi in Kerala.

“This (the terminal) will help the company significantly reduce harmful environmental emissions, while making energy cheaper for private and commercial users by displacing more expensive imported fuels," IFC said in a press release here.

Besides a $150 million loan from IFC, Petronet will also get a similar amount from commercial lenders.

“IFC is pleased to partner with Petronet LNG, that has emerged as a key player in Inida’s natural gas sector in a short span of three years," said Rashad Kaldany, IFC Director for Infrastructure. “We are providing flexible, growth- oriented corporate funding that will support the company’s expansion, enabling it to provide environmentally clean fuel."

“In addition to providing us with much-needed funding, IFC’s support also opens new financing options at competitive rates for our future projects," said P Dasgupta, Managing Director and CEO of Petronet LNG.