India’s Petronet signs $950 million project in Bangladesh

India’s Petronet

Petronet signed to set up a $ 950 million worth LNG (Liquefied Natural Gas) terminal on Bangladesh soil. Petronet is India’s largest importer for Liquefied Natural Gas. Petronet will start this project with petrobangla and signed a Memorandum of Understanding (MoU). This huge project will be completed within four years with an estimated budget of $950 million. The capacity of this terminal is up to 7.5 MMTPA.

The director of petronet, Prabath singh and the secretary of Petrobangla, Syed Ashfaquzzaman has signed an agreement of Memorandum of Understanding (MoU) in Dhaka, Bangladesh. Petronet will set up 7.5 million tons of LNG and will regasify on Kutubdia Island of Bangladesh. The director of Petronet, Prabath Singh stated that Petronet is not interested for any partnerships with Petrobangla as they are not having enough funds to invest in the project.

india petronet

Petronet offered petrobangla to become part of Petronet’s joint venture and agreed to give 5% nominal interest. For this petrobangla should buy the gas which was imported by Petronet. Singh also stated that GAIL India Ltd would help to implement pipelines in between import facility and consuming markets. Petronet also made an offer for Indian Oil Corp (IOC) if they are looking for city gas projects.

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