Decision made for Indian Greenfield LNG project19. January 2023
Petronet LNG, a major player in India’s liquefied natural gas market, has made a final decision to move forward with its proposed floating storage and regasification unit (FSRU) project at Gopalpur. This will be the company’s first facility of its kind on the nation’s east coast. Equipment and machinery relevant for the oil and gas industry often need a PESO certification in order to be approved for the Indian market.
The board of Petronet LNG has approved the 4 million tonnes per annum Gopalpur LNG phase one import project, which carries an estimated cost of around 23 billion Indian rupees (around $278 million). The plan is for the project to be operational by the end of 2025. Site of the operation is Ganjam, Odisha and will be financed through a debt and equity combination.
Additionally, Petronet LNG has stated that the FSRU-based receiving and regasification scheme has the potential to be later on converted into a land-based terminal, with 5 million tons per annum capacity.
The company currently operates two land-based terminals, one in Gujarat with over 17 million tpa capacity and one in Kerala with 5 million tpa. There are current plans to expand the capacity at the Gujarat facility. Petronet LNG has also considered locations such as Andhra Pradesh and the Andaman and Nicobar Islands for future import facilities.
Petronet LNG is a consortium made up of India’s state-owned Oil & Natural Gas Corporation, Indian Oil Corporation, Gail, and Bharat Petroleum Corporation, who hold a combined 50% stake, with the remaining 50% being publicly held.
PESO certification is issued by the Petroleum and Explosives Safety Organisation of India. Relevant product groups or components include gas and pressure vessels, valves and fittings, or safety equipment. A complete list can be found on the page about PESO certification mandatory products.
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