India’s largest liquefied natural gas player, Petronet LNG, has ambitious plans to invest up to 400 trillion rupees ($5.3 billion) over the next five years in expanding domestically and internationally.
Up to 170 trillion rupees will be invested in further enhancing the domestic LNG import capacity and venturing into the lucrative petrochemicals sector, according to regasification giant’s chief executive, Akshay Kumar Singh.
Petronet will also buy stakes in international gas projects.
Some of the key projects earmarked as a part of its expansion scheme include ramping up capacity of the Dahej LNG import terminal in Gujarat to 22.5 million tonnes per annum from the existing 17.5 million tpa, adding storage tanks, and setting up a floating LNG import facility at Gopalpur in Odisha on the eastern coast.
Along with capacity expansion projects in the Indian market, the company also plans to invest in international projects that could increase access to feedstocks of natural gas.
“We always evaluate good opportunities for overseas investment. If it is beneficial for the country [and] if we find it a better option, definitely we will go for it,” Singh was quoted saying by the Press Trust of India.
However, Singh did not provide further details on the company’s specific spending plans on international projects.
Petronet, which has predominantly been operating near the India’s western coast with its Dahej and Kochi LNG regasification facilities, predicts demand for imported gas will grow steadily over the years in the east coast region.
The company reported a quarterly net profit of 11.59 trillion rupees on Wednesday, due to higher gas prices improving its margins.