Petredec today completed the acquisition of NGC Energy India Private Limited, the former Joint Venture in which Petredec was a minority shareholder with National Gas Company (SAOG) Oman. In closing the transaction, Petredec has acquired the Omani company’s entire interest in the Indian entity and will operate the business independently going forwards.
Since 2019, NGC Energy India Private Limited has been developing a 34,000mts LPG import terminal in Krishnapatnam, Andhra Pradesh which is in the final stages of construction. The facility has been designed and built to address growing import demand and is expected to service an extensive hinterland throughout South India. Before commissioning the terminal in H1 2023, the entity will be renamed Petregaz India Private Limited and operated as a standalone business with the Petredec Onshore division.
Commenting on the transaction, Petredec Group CEO Giles Fearn said “we thank National Gas Company Oman for the excellent cooperation during the period we’ve worked together and now look forward to completing the terminal and seeing the first LPG deliveries flow into Krishnapatnam in 2023. We believe in the potential of LPG for the Indian market and hope to develop additional projects to complement the Krishnapatnam investment.