Hindustan Petroleum Corp. Ltd. (HPCL) has acquired the 50 percent equity stake balance in HPCL Shapoorji Energy Pvt. Ltd. (HSEPL) from M/s S P Ports. Following the acquisition, HPCL’s stake in HSEPL will increase to 100 percent, making HSEPL a wholly owned subsidiary of HPCL.
HSEPL is constructing a 5 million metric tonnes per annum (MMTPA) LNG terminal at Chhara, Gujarat, India, at a project cost of about INR 4,300 crore ($567.2 million). The project will likely be completed by end of 2022.
The terminal will have all facilities for receipt of LNG through ocean-going tankers, marine unloading, storage, LNG road tanker loading, regasification and supply of regasified LNG to the gas grid. The project is further expandable to a capacity of 10 MMTPA in the future.
The acquisition is in line with HPCL’s goal to diversify its product portfolio and is an important step toward having a strong presence in the total natural gas value chain. The percentage of natural g
