Financial Daily from THE HINDU group of publications
Saturday, Feb 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 28, 2004 |
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Corporate
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Announcements Petronet commercial operations from April Our Bureau
Hyderabad , Feb. 27 PETRONET LNG Ltd will begin commercial operations from April, according to the Chief Executive Officer and Managing Director of the company, Mr Suresh Mathur. Mr Mathur told newspersons here on Friday that the company received its first LNG tanker, built in Korea, last month and the second ship of the company, now under construction, would be delivered to it in September. The company would be importing LNG from the Qatar-based Ras Laffan Liquified Natural Gas Company Ltd with which it has a contract for guaranteed supply of LNG for 25 years. He said that the demand-supply gap in natural gas was rapidly increasing in the country. At present, the gas supply was 70 million standard cubic metres per day (MMSCMD) as against the demand of 150 MMSCMD. By 2025, there was estimated to be a demand-supply gap of 300 MMSCMD. Hence, apart from increasing the domestic production of natural gas, it would be necessary to import natural gas to meet the growing demand for it. The company, a joint venture of GAIL (India), ONGC, Indian Oil and BPCL, is coming out with an initial public offering of 26.1 crore equity shares, and hopes to raise Rs 750 crore through the public issue, which will be used for doubling the capacity at its 5 million tonnes LNG terminal at Dahej in Gujarat. The public offer opens on March 1 and closes on March 9.
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