Apr 25, 2013 02:46 PM IST | Source: Moneycontrol.com

Petronet inks pact with United LNG, stock up 2%

Petronet LNG shares gained two percent amid high volumes on Thursday after the company signed initial agreement to buy 4mtpa from US-based United LNG.

Petronet inks pact with United LNG, stock up 2%

Petronet LNG shares gained two percent amid high volumes on Thursday after the company signed initial agreement to buy 4mtpa from US-based United LNG.

PLL said they have executed a preliminary conditional agreement with United LNG (a US based firm) for supply of around 4 MMTPA LNG for 20 years through the Main Pass Energy Hub.

Main Pass Energy Hub is been jointly developed by United LNG and Freeport McMoRan Energy. "The binding LNG SPA is yet to be executed and is expected by the end of this year," according to a release sent to exchanges.

At 14:00 hours IST, the stock was up 2.07 percent to Rs 137.75 on Bombay Stock Exchange.

Trading volumes increased 47.59 percent to 1,68,004 shares as compared to its five-day average of 1,13,835 shares.

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