Petronet LNG Fuels East Coast Growth with 5 MMTPA Terminal | PETRONET

Big news from Petronet LNG Limited! 🚀 The company’s Board of Directors has given its in-principle approval for a significant upgrade and expansion of its planned LNG terminal at Gopalpur Port, Ganjam, Odisha.

Initially, Petronet LNG had plans for a 4 MMTPA (Million Metric Tonnes Per Annum) Floating Storage and Regasification Unit (FSRU) based LNG terminal. But now, they’re going bigger and bolder! The board has approved an additional investment to set up a 5 MMTPA land-based R-LNG Terminal instead. This is a substantial shift, moving from a floating unit to a more permanent, land-based facility, and boosting capacity by an extra million tonnes.

This ambitious project comes with an incremental cost of Rs. 4,048.80 crores, bringing the overall approved value of the project to a whopping Rs. 6,354.80 crores (all figures include taxes and duties). The company expects to add this proposed capacity within approximately three years. Funding for this major undertaking will be a mix of debt and equity.

Why is this a big deal? Well, this will be Petronet LNG’s first greenfield LNG terminal on the East coast of India 📍. It’s a strategic move that positions the company to tap into new markets and strengthen its presence across the country. With India’s growing energy demands, expanding LNG infrastructure is key, and Petronet LNG is clearly making a significant play in this space.

This development signals a strong commitment from Petronet LNG to expand its footprint and enhance India’s energy security. Keep an eye on Gopalpur Port – it’s set to become a crucial energy hub!

source: Corporate Announcement

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