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Petronet LNG signed an MoU with LTL Holdings to supply LNG to power plants in Colombo, Sri Lanka for five years. The deal involves LNG from Petronet's Kochi terminal via multi-modal transport. A day ahead of the announcement, Petronet LNG share price rose by 0.77%, closing at ₹378.35.
Petronet LNG Limited, India's largest gas importer, has entered into a strategic Memorandum of Understanding (MoU) with Sri Lanka's LTL Holdings Ltd.
The MoU, signed on August 20, 2024, in Colombo, paves the way for Petronet to supply liquefied natural gas (LNG) to LTL's dual-fueled power plants located in Kerawalapitiya, Colombo.
As per the agreement, both companies will collaborate to establish a comprehensive LNG supply chain from Petronet’s Kochi LNG terminal to LTL’s power plants in Colombo. This will involve the use of LNG ISO tank containers and a multi-modal transport system to ensure efficient delivery.
The initial term of this LNG supply arrangement is five years, with the possibility of extension based on mutual consent.
The LNG supply will be sourced from Petronet's Kochi terminal, which has a capacity of 5 million tonnes per annum. The transport will be managed through a combination of sea, road, and potentially rail, making it a pioneering effort in cross-border energy supply within the South Asian region.
Petronet LNG operates the world’s largest LNG import terminal, with a 17.5 million tonnes per annum capacity at Dahej in Gujarat and the aforementioned 5 million tonnes facility in Kochi, Kerala.
The company is 50% owned by major Indian state-owned entities, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), GAIL (India) Ltd, and Oil and Natural Gas Corporation (ONGC). The board is chaired by the Secretary of the Ministry of Petroleum and Natural Gas.
On the day preceding the MoU announcement, the Petronet LNG share price closed at ₹378.35 on the NSE, marking a 0.77% increase from the previous session. Over the past 12 months, the share has delivered an impressive 70.70% return, reflecting a ₹156.70 rise.
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