Petronet keen on Sri Lanka LNG regasification facility

Petronet keen on Sri Lanka LNG regasification facility

Sri Lanka is one of the countries where India’s biggest gas importer Petronet LNG says it expects to invest in with plans for a regasification facility on the island within the next three years.

The company has said it would spend up to $3 billion in the next five years to expand overseas.

Petronet managing director Prabhat Singh told Reuters that over the next three years the company would be investing 100 billion rupees to set up LNG regasification capacities in Bangladesh, Sri Lanka and a minor facility in the Andaman islands.

Singh had said earlier that the firm has proposed setting up a million-tonne terminal in Sri Lanka,

Petronet’s promoters are gas transmission firm GAIL India, explorer Oil and Natural Gas Corp and refiners Indian Oil Corp and Bharat Petroleum Corp Ltd – each with a 12.5% stake, while GDF Suez, Europe’s largest LNG importer is the strategic partner with a 10% stake.

Petronet was responding to a request from Sri Lanka, Singh has said.

India’s ministry of petroleum and natural gas has offered to work with the government of Sri Lanka in developing gas infrastructure in the island.

Petronet has proposed to set up a floating LNG terminal at Kerawalapitiya, near Colombo, from which gas can be supplied to nearby power plants.

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