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According to a Petronet statement, the firm signed the agreement with a consortium of the State Bank of India and the Bank of Baroda.
Each bank will provide 60 billion rupees.
“This landmark financing partnership with two of India’s largest public sector banks will support PLL’s petrochemical project and expansion of LNG regasification capacity, development of new terminals, and enhancement of operational infrastructure,” Petronet said.
Moreover, it reinforces “strong institutional confidence” in Petronet’s performance, strategic vision, and “pivotal role in strengthening India’s energy security and supporting the nation’s energy transition journey,” the company said.
Petronet recently signed a long-term ethane unloading, storage, and handling services agreement with India’s state-run ONGC.
ONGC will reserve approximately 600 ktpa of capacity at Petronet’s ethane storage and handling facilities at the Dahej LNG terminal in Gujarat.
Petronet noted that it is expected to earn a gross revenue of about 50 billion rupees ($553.8 million) over the 15-year contract duration.
The company said its under-construction unique third jetty will facilitate unloading, storage, and handling of ethane, propane, and LNG at the Dahej terminal.
Petronet said this jetty will be the first-of-its-kind in India, which shall be made available for third-party imports.
The company is also expanding the regasification capacity at India’s largest LNG import terminal, which currently has a capacity of 17.5 million tonnes per annum (mtpa).
Petronet now expects to launch an additional five mtpa capacity at its Dahej LNG terminal by March 2026, according to Petronet LNG’s management.
Last year, Petronet also launched two new Dahej LNG storage tanks, T-107 and T-108, each with a capacity of 180,000 cbm.
These two tanks added to six existing storage tanks at the Dahej terminal with a total capacity of 932,000 cbm.