HPCL Interested in Buying Stake in Petronet's Gangavaram LNG Terminal

Indian state-owned Hindustan Petroleum Corp Ltd (HPCL) is likely to buy 11-15 percent stake in Petronet LNG's Gangavaram terminal in the state of Andhra Pradesh, reports Press Trust of India.

"We have a huge gas requirement at our Vizag refinery and naturally it is to our interest that we take a stake in the Gangavaram terminal in Andhra Pradesh," Press Trust quotes an official from HPCL as saying.

HPCL's Vizag refinery would have a gas requirement of close to 3 MT after its capacity goes up in near future.

The Gangavaram LNG terminal will have a capacity of 5 MTPA and will be ready by 2018.

Petronet, India's largest importer of liquid gas, is building a 5 MTPA LNG terminal at Gangavaram in Andhra Pradesh that is expected to be ready by 2018.

When contacted, Petronet Director (Finance) R K Garg confirmed HPCL's interest, says Press Trust.