Petronet completes LNG project financing documentation

Petronet LNG Ltd. completed documentation in May for the long-term project financing for the development and construction of its $600 million LNG receiving, storage, and regasification facility at Dahej in Gujarat state, India.

June 3, 2004

By OGJ editors

HOUSTON, June 3 -- Petronet LNG Ltd. completed documentation in May for the long-term project financing for the development and construction of its $600 million LNG receiving, storage, and regasification facility at Dahej in Gujarat state, India. The $3 billion project also involves an LNG liquefaction facility in Qatar and two LNG shipping carriers. The legal firm White & Case LLP is advising Petronet in financial matters.

The LNG terminal commenced operation in February (OGJ Online, Jan. 15, 2004), and Petronet completed an initial public offering in March, both ahead of the completion of financing. The project has been developed by Indian Oil Corp., Gas Authority of India Ltd., Oil & Natural Gas Corp. Ltd., and Bharat Petroleum Corp. Ltd.