Petronet Plans To Acquire 26% Stake In LNG Terminal In India From IOCL

Published: Aug 10 2017
Deal Summary

Petronet LNG Limited, an importer of liquefied natural gas (LNG), intends to acquire a 26% stake in LNG terminal located in Ennore, Chennai, India, from Indian Oil Corporation Ltd. (IOCL), an oil and gas company.

The terminal is under construction and will have an installed capacity of 5 million tonnes per annum. The total estimated cost of the terminal is approximately INR51,510 million (MM) (US$805.49 MM). The construction of terminal is expected to be completed by mid-2018.

The transaction will enable Petronet to expand its midstream assets base in Chennai, India.

Prabhat Kumar Singh, managing director of Petronet, said, "We have initiated dialogue with IOCL. We would be looking at least 26 per cent in Ennore. IOCL is also looking at strategic investor and I think we fit the bill."

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