Indian oil and gas company Petronet LNG has unveiled plans to invest $5.32 billion (400 billion rupees) in several energy projects, including overseas LNG facilities and gas fields, reported the Press Trust of India (PTI).
Petronet LNG CEO AK Singh said the investment plan will be implemented over the next four to five years.
Of the total amount, the LNG import terminal operator will allocate $166.4 million (Rs 12.5 billion) for the construction of a propane dehydrogenation plant, as it seeks to enter into the petrochemical sector.
The plant will be equipped to convert imported raw materials into propylene.
Petronet will allocate $21.3 million (1.6 billion rupees) for the construction of a floating LNG import facility at Gopalpur in the Indian state of Odisha.
Singh told PTI, “We are always evaluating good overseas investment opportunities. If it’s good for the country, and if we find it’s a better option, we’ll definitely go for it.
Petronet operates the LNG terminal in Kochi, Kerala, and has also earmarked $226 million (17 billion rupees) to expand LNG import capacity in the country.
The company also plans to invest $79.9 million (6 billion rupees) to expand the capacity of the Dahej LNG import terminal in the Indian state of Gujarat from 17.5 Mtpy to 22.5 Mtpy. .
The $226 million investment also includes $15.9 million (1.25 billion rupees) for the construction of storage tanks and bays for loading LNG by truck.
Petronet will also construct an LNG import facility based on a Floating Storage and Regasification Unit (FSRU), offshore Gopalpur Port. It will have a capacity of 4Mtpa.
At a later stage, the new FSRU-based LNG facility will be converted into an onshore terminal, with a capacity of over five million tonnes.
In September 2021, Petronet selected L&T Hydrocarbon Engineering, a subsidiary of Larsen & Toubro (L&T), for the Phase IIIB Dahej Expansion Project in Gujarat.
Petronet LNG (PLL) is a joint venture promoted by Oil & Natural Gas (ONGC), Indian Oil (IOCL), GAIL (India) and Bharat Petroleum (BPCL).