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.