BPCL to Invest Over $200mn in East India Terminal: Press

Indian state-owned Bharat Petroleum Corporation (BPCL) plans to invest rupees 15bn-17bn ($210mn-$240mn) in building a floating LNG import terminal at Krishnapatnam in the eastern Indian state of Andhra Pradesh by 2022, Press Trust of India reported its chairman D Rajkumar as saying August 26.

BPCL will hold 74% interest in the project while the remaining 26% will be held by Petronet LNG, he said. The terminal will have an initial capacity of 1mn mt/year which can be scaled up to 3mn mt/yr or 5mn mt/yr in future, Rajkumar said. It is likely to be commissioned by 2022.

BPCL has made a foray into city gas distribution (CGD) and is now looking to set up an LNG import terminal of its own. Rajkumar said. The company is transferring its gas business to a new subsidiary, Bharat Gas Resources (BGRL).