Petronet to invest Rs 40,000 cr, including in overseas LNG plants

Petronet LNG Ltd, the operator of the world’s largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore over next 4-5 years, including in overseas supply sources, its CEO A K Singh said on Thursday.

Petronet plans to make foray into the petrochemical business by investing Rs 12,500 crore in a Propane Dehydrogenation Plant that will convert imported feedstock into propylene, as well as set up a floating LNG import facility at Gopalpur in Odisha at a cost of Rs 1,600 crore, he told reporters here.

The firm, which had last year allowed an initial non-binding agreement to invest USD 2.5 billion in US energy upstart Tellurian’s LNG project in Louisiana in return for gas supplies for 40 years lapse,