BPCL to invest up to Rs1,700 crore in building floating LNG terminal in AP

Bharat Petroleum Corp Ltd (BPCL) plans to invest Rs1,500-1,700 crore in building a floating liquefied natural gas (LNG) import terminal at Krishnapatnam in Andhra Pradesh by 2022, its chairman D. Rajkumar said on Monday.

BPCL, the country’s second-biggest state-owned oil refining and fuel marketing company, is betting big on gas business in anticipation of energy consumption basket undergoing change as focus shifts to cleaner sources.

The company will hold 74% interest in the project while the remaining 26% will be with Petronet LNG Ltd, he said here.