Indian refiner Hindustan Petroleum Corporation Ltd is lining up to partner on Petronet LNG’s fast-moving east coast import terminal proposal.
The compatriots have signed a memorandum of understanding covering negotiations over off-take and equity agreements, said an HPCL source.
The agreement is poised to provide Petronet LNG with a foundation customer for the facility at Gangavaram, where the developer has just launched plans to pursue a floating solution to fast track imports.
Under the pact, Petronet will supply regasified LNG to HPCL’s oil refinery in Vishakhapatnam, Andhra Pradesh state, although exact volumes have yet to be specified, the source said.
