Indian Oil, Petronas to work on LNG terminals

India’s top state oil refiner Indian Oil is expanding its existing joint venture with Malaysian energy giant Petronas to include LNG terminals.

IndianOil Petronas, an equal joint venture between the duo, currently imports LPG via two terminals in India.

However, the duo plans to expand the business scope of the JV to include “LNG terminals, CNG stations, CGD projects, CBG business and retailing of transportation fuels,” Indian Oil’s chairman S M Vaidya said during the company’s annual meeting in New Delhi on Friday.

“We are pursuing more such win-win associations with respective segment leaders to explore newer avenues of growth and gain competitive advantage in the future,” he said.

Indian Oil is looking to double its capacity booking at LNG import terminals as the country plans to shift to a gas-based economy.

The firm recently said in its 2020-2021 annual report it aims to raise its share in India’s regasified LNG market from 19 percent at present to 40 percent by the end of this decade.

To meet this target, the company envisages doubling its capacity booking at regasification terminals from over 9 million mt/year at present to over 18 million mt/year, it said.

Indian Oil has a 12.5 stake in the country’s largest LNG importer Petronet, the owner of the Dahej plant but also the Kochi facility. In addition, the firm also operates the Ennore LNG import facility on India’s east coast.

Most Popular

DNV: 66 LNG-powered vessels ordered in October

The latest figures from DNV’s platform show that a total of 97 new orders for alternative-fueled vessels were placed...

Aramco working on further LNG expansion

Saudi Arabia’s Aramco made its first international investment in LNG last year to capitalize on rising LNG demand. In September...

New Fortress seeking strategic partners

Last month, NFE announced a series of financing transactions that upon closing are intended to increase the company’s liquidity...

More News Like This

Malaysia’s Petronas lifts force majeure on gas supply to MLNG Dua

The lifting of the force majure is effective November 1, 2024. "This decision follows the successful commissioning of Jerun and...

Wood Mackenzie: Guyana and Suriname could provide 12 mmtpa of LNG in 2030s

Several gas developments are underway in Guyana and Suriname that could offer new competitive LNG supply sources early next...

MISC orders LNG carrier duo at Samsung Heavy, inks charter deal with Petronas

MISC revealed this deal in a stock exchange filing on Tuesday. According to the firm, the newbuild LNG carriers will...

Petronas, Mitsubishi strenghten partnership with new Bintulu LNG deals

The Petronas-operated Bintulu plant, which has shipped more than 12,000 LNG cargoes since it started operations back in 1983,...