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Petronet acquires stake in LNG carrier

Petronet acquires stake in LNG carrier

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Indian’s state run gas importer Petronet LNG has acquired a 26% stake in India LNG Tranport Company (No. 4), a shipping consortium that operates the 173,000 cu m LNG carrier Prachi. Total consideration of the deal is about Rs 100 crore ($15m).

India LNG Tranport Company (No. 4) was jointly established by Japanese owners MOL, NYK, K Line, and Shipping Corporation Of India (SCI). It took delivery of the LNG carrier Prachi on November 30, 2016 from Korean shipbuilder Hyundai Heavy Industries.

In December, the vessel was fixed on a 19-year charter contract to Petronet. It is the fourth LNG vessel Petronet has chartered from the consortium, the previous three – Disha, Rahi and Aseem have all been deployed for carrying LNG from Qatar.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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