The deal, which is likely to be completed in six months, is subject to the approval of shareholders and regulators, the Mumbai-based company said in a stock exchange filing.
India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha.
The terminal had been slated to start full commercial operations by the final quarter of 2018, but that was likely to be pushed back after heavy monsoon rains affected the laying of a pipeline, said Rahul Tiwari, senior LNG trader at the company.
"Petronet will be the leader of the joint venture with the largest shareholding," he told reporters after the company's annual general meeting here.
"The Sri Lankan Government issued a Letter of Intent to the Government of India" to build the LNG import facility that would supply regassified gas to power plants and transport sector, Petronet LNG said in a statement.
The company's subsidiary Swan LNG (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of LNG terminal with ancillary structures for its floating storage and re-gasification unit (FSRU) project at Jafrabad, Gujarat.
The company is seeking five cargoes for deliveries in October to December at its 5 million tonne per annum (mtpa) LNG terminal at Dabhol in Maharashtra, the source said.
Ali Akbar called on Andhra Pradesh chief minister N Chandrababu Naidu at Secretariat. While reflecting on the potential areas of collaboration between Iran and India, he said Iran is keen on working with the Government of Andhra Pradesh in mining, marine, agriculture, horticulture, petro-chemicals and IT, an official release stated.
Andhra Pradesh govt signs a MoU to set up a Rs 5000 crore floating LNG terminal, which has the potential to not just solve the power shortage in the state, but could even make it power surplus.
Petronet LNG is interested in buying a 25 percent stake in a planned liquefied natural gas (LNG) terminal in Gujarat state, its chief executive said.
State-owned Indian Oil Corp (IOC) plans to lay 1,175 km of pipelines to transport liquid gas it will import at the proposed Ennore LNG terminal in Tamil Nadu.
GAIL India has signed pact with GDF Suez to build floating LNG terminal, reports CNBC-TV18, quoting DowJones.
Big boy Reliance Industries may be talking to British Petroleum (BP) for installing a floating LNG terminal with a capacity of over three million tonne per annum (mtpa). This could entail an investment of USD 500 million.