PLL drops plans to buy stake in GSPC’s Mundra LNG import terminal

Petronet LNG Limited (PLL) has dropped its plans to buy a 25 per cent stake in the Gujarat State Petroleum Corporation’s (GSPC) Mundra liquefied natural gas (LNG) import terminal in Gujarat in order to allow its promoter Indian Oil Corporation Limited (IOCL) to pick up a larger stake in the same. IOCL has been in discussions with GSPC for almost two years for acquiring a 50 per cent stake in the 5 million tonne per annum Mundra LNG import terminal, while PLL had entered the fray in 2017. Further, PLL is keen on buying a stake in IOCL’s under-construction Ennore LNG import facility in Tamil Nadu and in lieu of letting go of Mundra, the company wants IOCL to give it a 25 per cent stake in the Ennore terminal.