Petredec to acquire NGC’s stake in Krishnapatnam Joint Venture

Petredec today confirms that following the announcement made to the Oman Stock Exchange by National Gas Company (SAOG) Oman, it intends to acquire NGC’s entire interest in the two companies’ Indian Joint Venture which has focused on the development of a 34,000mts LPG import terminal in Krishnapatnam, Andhra Pradesh.

Following challenging conditions during the Terminal construction period as a result of the Covid-19 pandemic, NGC has refocused its business development efforts on domestic and existing international operations and as a result Petredec will acquire NGC’s 60% share in the project and move from minority shareholder to outright owner and operator of the facility. The project is in its final development phase with construction expected to complete during Q3 2022 ahead of the facility’s commissioning.

 

The 34,000mts LPG Import Facility in Krishnapatnam is nearing completion

The 34,000mts LPG Import Facility in Krishnapatnam is nearing completion

Commenting on the opportunity, Petredec Group CEO Giles Fearn said “we have enjoyed a strong working relationship with NGC since announcing the Joint Venture in 2019 and thank them for their hard work leading the project during truly testing times for everyone. Given our belief in the growth opportunities for LPG in India, we welcome the opportunity to continue as sole shareholder in the Krishnapatnam terminal and are now focused on the completion of the project, launching operations and exploring additional opportunities in India.”