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LNG Terminal at Gangavaram Port gets AP govt approval
LNG Terminal at Gangavaram Port Gets AP Govt Approval. In a significant development, Andhra Pradesh government has accorded approval for setting up the LNG Terminal by Petronet LNG Ltd at Gangavaram Port on the east coast near Visakhapatnam.
To be established by Petronet LNG and the port, the terminal is expected to have initial capacity of 5 MPTA
Hyderabad: In a significant development, Andhra Pradesh government has accorded approval for setting up the LNG Terminal by Petronet LNG Ltd at Gangavaram Port on the east coast near Visakhapatnam.
The government has, however, refused Gangavaram Port's proposal to collect the water front charges at the rate of Rs 103.68 per metric tonne of LNG cargo handled from Petronet. A government order was issued to this effect recently.
Petronet LNG is a joint venture set up by public sector majors GAIL (India) Ltd ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd to import LNG and set up LNG terminals in the country. The JV was established with an authorised capital of Rs 1,200 crore.
Gangavaram Port Ltd (GPL) along with Petronet LNG Ltd (PLL) has drawn up plans to construct and operate LNG Terminal with an initial capacity of five million tonnes per annum (MTPA).The proposal also envisages provision for further expansion of the handling capacity up to 10 MTPA. As per the agreement, PLL will make 76 per cent equity contribution to the mega project while GPL will contribute eight per cent. A strategic investor or prospective LNG suppliers and buyers will be roped in for the remaining stake. However, PLL, being the majority share holder, will have complete management control over the JV company.
According to the government order, the Gangavaram Port will submit to the government the Detailed Project Report that was submitted to the lenders for achieving financial closure and ensure financial sustainability of the project.
"Government after detailed examination of the proposal in consultation with law and finance departments and keeping in view the recommendations of the Empowered Group of Ministers, hereby accord approval to Gangavaram Port Limited, Visakhapatnam for establishing LNG Terminal at Gangavaram Port," the order said.
