India’s Petronet to invest $2.6 billion for local expansion over 5 years

India’s top gas importer Petronet LNG NSE 1.62 % will invest $2.6 billion over five years to expand local infrastructure as investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market, its head of finance said.

“Right now, investment in LNG terminals anywhere outside India is not very lucrative because LNG is available at very low prices it is only recently that prices have increased… availability of LNG is plenty,” Vinod K Mishra said during an analyst call after the company reported its March quarter earnings.