IFC to provide \0 mln loan to Petronet for new terminal

New Delhi, Aug 13 (UNI) IFC today said it will help Petronet LNG Ltd build a liquefied natural gas (LNG) import and regasification terminal in southern India through a 150 million dollar loan from its own account and an additional 150 million dollar from commercial lenders.

The new terminal will give consumers access to a clean and affordable source of energy and will help Petronet significantly reduce harmful environmental emissions, while making energy cheaper for private and commercial users by displacing more expensive imported fuels, said a statement.

Petronet LNG, a publicly listed company, has a major import and regasification facility in Dahej, Gujarat. It plans to expand its operations to Kochi in Kerala in southern India.

''In addition to providing us with much-needed funding, IFC's support also opens new financing options at competitive rates for our future projects,'' said Petronet LNG Managing Director and CEO P Dasgupta.

In addition to domestic sources of natural gas, the Indian government has progressively allowed import of liquefied natural gas. Petronet's production accounts for about 25 per cent of the country's total gas consumption.

The increasing demand has led Petronet on deciding to double its import capacity at Dahej and build a new facility.

UNI