Petronet Acquires Stake in LNG carrier

Maritime Activity Reports, Inc.

February 22, 2006

Petronet LNG signed a time charter agreement to take a 23 percent stake in an LNG vessel which will supply additional fuel to its re-gasification terminal in India. Petronet LNG set up India's first LNG re-gasification terminal at Dahej in Gujarat that has been in operation since 2003. The company currently receives its LNG supplies from Qatar under a long-term contract through two vessels on lease terms. Another partner in the $50-million LNG carrier is the Shipping Corporation of India with a 26 percent stake - the remaining stake being with a Japanese consortium comprising Mitsui OFK Lines, K-Line, and NYK. The ship, with a carrying capacity of 155,000 cubic metres, is scheduled for delivery by June 2009. (Source: NewKerala.com)
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