India's Petronet sets up Singapore subsidiary
India’s biggest LNG importer Petronet LNG has incorporated a wholly-owned subsidiary company in Singapore under the name Petronet LNG Singapore, it said on March 8.
Petronet LNG Singapore will be responsible for the purchase of LNG on long, spot and short-term basis and sale of LNG, trading of LNG to Indian and foreign companies. It will also carry out hedging, purchase of LNG under sale and purchase agreements and investments in overseas ventures.
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Petronet LNG last month reported its highest ever quarterly profit as higher prices boosted margins. The company operates two LNG regasification terminals in India.