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Our Bureau

New Delhi, Aug. 14 International Finance Corporation (IFC), the World Bank’s private lending arm, will give $150 million as loan to state-owned Petronet LNG Ltd (PLL) to build a liquefied natural gas (LNG) import and regassification terminal in South India.

“IFC has agreed to help PLL build a LNG import and regassification terminal in southern India that will give consumers access to a clean and affordable source of energy. The deal includes a $150-million loan for IFC’s own account and an additional $150 million from commercial lenders,” a statement said.

“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 Mr P. Dasgupta, Managing Director and CEO of PLL.

The company, which has a import and regassification facility in Dahej, Gujarat, plans to expand its operations to Kochi in Kerala.

This will help the company significantly reduce harmful environmental emissions, while making energy cheaper for private and commercial users by displacing more expensive imported fuels.

“IFC is pleased to partner with Petronet,” said Mr Rashad Kaldany, IFC Director for Infrastructure.

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