ICICI asked to do valuation of Dabhol's LNG terminal

The Petroleum Ministry has asked ICICI to do valuation of the 5-million-tonne liquefied natural gas (LNG) import terminal at Dabhol power plant. Speaking to newspersons, the Petroleum Secretary, Mr M.S. Srinivasan, said the Ministry had been asked to consider the possibility of Petronet LNG Ltd (PLL) buying the LNG terminal.

"ICICI has been asked to value the terminal and it will apprise the Ministry on the issue," he said. He said lenders want restructuring of the debt component of Ratnagiri Gas and Power Pvt Ltd (RGPPL), formerly known as Dabhol Power Corp Ltd.

"Ratnagiri Gas and Power Ltd owns the entire asset and a part ? LNG terminal ? could be hived off," the Secretary said.

Mr Srinivasan said that the Government wants Petronet LNG to buy the terminal as the company is emerging as an LNG specialist. If the Petroleum Ministry is convinced on the matter, it will go to the committee of secretaries and subsequently in a week, it would get the required approval.

The Government was considering hiving off the LNG terminal from the power plant due to delays in completion of the unfinished part of the terminal and huge cost overruns.

Source: Business Line, New Delhi, August 26, 2006
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