By Nidhi Verma
NEW DELHI (Reuters) – India’s top gas importer Petronet LNG plans to trade liquefied natural gas (LNG) through its Singapore-based unit, CEO A K Singh said on Thursday.
The company will not trade LNG cargoes procured under long-term deals, he said in a press conference at the India Energy Week. “Right now, we are managing (LNG purchases) from here. At an opportune time, we will start the (trading) operations,” Singh said. He said India’s gas demand is set to rise three-and-a-half times to meet the country’s goal of having a 15% share of LNG in the energy mix from 6.2% currently.
Separately, Petronet’s head of finance, Vinod Kumar Mishra, said the firm has mandated SBI Caps to arrange 140 billion rupees ($1.61 billion) of debt for its new petrochemical project that costs 200 billion rupees.
($1 = 86.8600 Indian rupees)
(Reporting by Nidhi Verma in Bengaluru; Editing by Sonia Cheema)
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