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Petronet to infuse USD 2.6 billion for local expansion

Thursday, 10 Jun 2021

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Petronet is planning to invest Rs 66.9 billion to expand its 17.5 million tpa Dahej terminal in the west coast to 22.5 million tpa, build a new terminal in the east coast, new jetty and LNG tanks at Dahej and Kochi.

The company will invest USD 2.6 billion over five years to expand local infrastructure as investing in overseas projects is 'not lucrative' in the current liquefied natural gas (LNG) surplus market.

The company was earlier planning to invest in projects in Sri Lanka, Bangladesh, Qatar and Tellurian's Driftwood LNG project.

Phase-I of the Dahej terminal will be expanded to 20 million tpa by mid-2023, while a new five million tpa Gopalpur terminal in the east coast is expected to be ready by 2025.

Petronet, which was previously planning to sell gas to fuel station owners, will invest Rs 80 billion to set up its own 1,000 LNG fuel stations. It will invest Rs 40 billion to set up 100 compressed biogas generation plants over three years.