India: MRPL Confirms Talks With GAIL, Petronet, Shell on LNG Terminal
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Wednesday, 12 October 2011 |
Mangalore Refinery and Petrochemicals Ltd has confirmed that it is in initial talks on constructing a natural gas terminal in India. The unit of the state-run Oil & Natural Gas Corporation is negotiations with GAIL, Petronet, Shell on the proposed terminal.
MRPL already operates a 236,000-barrel-a-day refinery at Mangalore, and an LNG terminal would offer cheaper gas for the petrochemical plant and refinery. India’s two existing LNG terminals are operating at close to capacity, according to research by Credit Suisse.
"We need 2.8 million standard cubic meters of gas a day, and an investment into an LNG terminal would be the best way to secure supply," an executive told Dow Jones Newswires. A Petronet Executive also confirmed the talks. Speaking on condition of anonymity, he said that "discussions have been held with MRPL for a terminal at Mangalore but there isn't anything concrete."
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