Petronet LNG (PLL) was formed in 1998 as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India's leading oil and natural gas industry players. Its promoters are GAIL (India) Limited (GAIL), Oil & Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL).
Petronet LNG is one of the leading players in oil and natural gas industry space. The company has an authorized capital of Rs. 1,200 crore ($240 million).
PLL's promoters are GAIL (India), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL).
It has entered into sale and purchase agreement (SPA) with Ras Laffan Liquefied Natural Gas Company, Qatar for supply of LNG to India. It has India’s first and largest LNG supply terminal located at Dahej.
On, August 10, 2009 an Australian subsidiary of Exxon Mobil Corporation and Petronet LNG signed a Sales and Purchase Agreement (SPA) for the long term supply of liquified natural gas (LNG) from the proposed Gorgon LNG Project in Western Australia. The SPA is for supply of approximately 1.5 mtpa(million tonnes per annum) of Exxon Mobil's share of LNG from the Gorgon LNG Project over a 20-year term. LNG cargoes will be delivered to a new terminal under construction at Kochi in Southern India.
On May 30 2011, Petronet LNG and Gazprom Global LNG through its Singapore affiliate, Gazprom Marketing and Trading Singapore (GM&TS), a 100% subsidiary of Gazprom Marketing & Trading, concluded a memorandum of understanding for the long term supply of LNG. Under the terms of the agreement, Petronet will receive up to 2.5 million tonnes per annum of LNG from GM&TS’ international supply portfolio for up to 25 years.
In 2011- Petronet received approval for expanding Kochi LNG Terminal capacity up to 5mmtpa
In 2012 - Petronet LNG Ltd got Energy And Environment Excellence Award-2012 to CEO & MD
Petronet LNG Ltd got Energy And Fgi HR Award-2012 to CEO & MD
PLL's LNG terminals is located at Dahej in Gujarat and has a capacity of 5 MMTPA (million metric tonnes per annum). Ras Laffan Liquefied Natural Gas Company (RasGas)is LNG supplier of PPL
The company is setting up an additional terminal to increase the capacity up to 10 MMTPA at Dahej.
It has entered into Memorandum of understanding with Gujarat Maritime Board to develop a standby berth at Dahej which will enhance capacity of LNG terminal up to 12 MMTPA.