For Rs 100 Crore, 26 Percent Stake in LNG Vessel Bought by Petronet
The largest importer of LNG in India, Petronet LNG Ltd has purchased 26% stake in the shipping consortium which has built the biggest LNG ship for transporting gas form from Australia.
In 2013, Petronet contracted SCI (Shipping Corporation of India) along with its Japanese partners to create and operate an LNG ship with 173,000 cubic meters capacity.
In December last year, Prachi, the LNG vessel was delivered. After initial trials, the first cargo of LNG from Gorgon project in Australia was delivered to Petronet’s Dahej import terminal located in Gujarat.
R K Garg, Director of Petronet stated that, the company has decided to take twenty six percent stake in India LNG Transport Company Private Limited.
Headquartered in Singapore, India LNG Transport Co has won the time-charter contract from Petronet as well as got 173,000 cubic meter vessel built at Ulsan shipyard in South Korea. Garg also stated that, agreements for the company taking the equity have been executed and the consideration has also been paid.
Following this development, NYK Line of Japan and SCI both hold 26 percent stake each in the company and 22 percent stake is held by K Line and Mitsui OSK Line.
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