Petronet Would Not Invest In LNG Developers
Indian energy sector company Petronet LNG Limited said that it has no plans to invest in liquefied natural gas (LNG) developers as the market is awash with cheaper fuel. The country's top gas importer has time until December-end to consider investing $2.5 billion for 5 million tonnes per annum (mtpa) of LNG in Tellurian's Driftwood project to end-2020. Director (Finance) at Petronet LNG Limited, Vinod Kumar Mishra, said that the company has a non-binding memorandum of understanding and there is no commitment to invest in the LNG developers.Â
The gas importers at present are looking for cheap gas for price-sensitive consumers as Prime Minister Narendra Modi wants to raise the share of natural gas in the national energy mix to 15% by 2030 from the current 6.2% to reduce pollution.