It is reported that the second liquefied natural gas cargo imported via spot market by State owned Gujarat State Petroleum Corporation Ltd arrived on Monday at Petronet LNG Ltd’s terminal at Dahej in Bharuch district of Gujarat.
This is part of GSPC’s business strategy to actively enter the LNG trading business by importing a cargo every month and establishing it as a fast revenue earner before its own terminal at Mundra which has an initial capacity to import 6.5 million tonnes per annum of gas commences operation in 2012-13. GSPC and the Adanis are partners in this terminal and are looking for other strategic partners to pick up the balance equity.
The terminal is being developed with an investment of INR 3,500 crore and will have two storage tanks and a jetty.
Currently, GSPC is the only ‘non-terminal owner’ gas company in the country to have independently purchased two LNG cargoes recently, receiving them both at Dahej.
Mr DJ Pandian MD Public offer of GSPC said that “This is another step by GSPC towards building on its LNG trading business and achieving its ambition to develop its own LNG terminal.”
GSPC is expected to hit the capital market this financial year to garner around INR 5,000 crore through an IPO to develop its hydrocarbon fields in the Krishna-Godavari Basin’s Deendayal gas field from where gas would be evacuated through a Reliance Industries’ pipeline between Andhra Pradesh and Gujarat.
(Sourced from www.steelguru.com)
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