Petronet LNG Limited has set up the country's first LNG receiving and regasification terminal at Dahej Gujarat and another terminal at Kochi Kerala. While the Dahej terminal has a nominal capacity of 15 MMTPA the Kochi terminal has a capacity of 5 MMTPA. The company is in the process to build a third terminal at Gangavaram Andhra Pradesh. The Government of India in July of the year 1997 approved the formation of a Joint Venture Company (JVC) for securing competitive Liquefied Natural Gas (LNG) supply and for development of facilities for the import and utilization of LNG. The GAIL (India) Ltd (GAIL) Oil & Natural Gas Corporation Ltd (ONGC) Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) formed Petronet LNG Limited as a Joint Venture company. Petronet LNG was incorporated in 2nd April of the year 1998 to import LNG and set up LNG terminals in the country. The consortium led by Mitsui OSK Lines Limited of Japan received shipping time charter contract from the company in the year 2002-03 for 2 LNG vessels of 138000 cu.m capacity each. The construction of second LNG taker named `Indhan' commenced with the steel cutting in 6th May of the year 2003. The Company successfully commissioned India's first LNG receiving and regasification terminal at Dahej in February of the year 2004. Asian Development Bank (ADB) acquired 5.2% equity stake in Petronet LNG in the year 2004 in the same year the company inked debt syndication agreements with banks and financial institutions got one year permit for in-chartering LNG tanker and Came out with an Initial Public Offering (IPO. The Company had entered into Memorandum of Collaboration with IBP Company Ltd 24th August of the year 2004 for development of LNG distribution business through cryogenic technology under the concept of The Virtual Pipeline. During the year 2004-05 Petronet commenced activities for setting up LNG receiving and regasification terminal at Kochi of 2.5 MMTPA normal capacity with provision of expansion to 5 MMTPA.The Company joined hands with IBP for LNG supply to Gujarat in the year 2005. During the year 2006 Petronet LNG & Adani Group signed Joint Venture agreement for building Solid Cargo Port at Dahej. During the financial year 2006-07 92 LNG cargoes were unloaded and 7427 MMSCM regasified LNG was supplied to the Off-takers. The facilities for loading of LNG in road tankers also installed at Dahej in the same year. The Company had entered into a Memorandum of Understanding with Gujarat Maritime Board in the identical year 2006-07 to develop a second LNG jetty / berth at Dahej. The Company had executed a term agreement in July of the year 2007 at Doha with Rasgas Qatar for supply of about 1.25 MMT quantity of LNG. During the year 2007-08 101 LNG cargoes were unloaded and 321.95 mmbtu of regasified LNG was supplied to the Offtakers. As at February 2008 Petronet LNG awarded a USD 250 million contracts to a consortium led by Japan's Ishikawajima-Harima Heavy Industries for building two liquefied natural gas storage tanks at Kochi. On 10 August 2009 Petronet LNG Ltd and an Australian subsidiary of Exxon Mobil Corporation signed a sales and purchase agreement (SPA) for the long term supply of liquefied natural gas (LNG) from the proposed Gorgon LNG Project in Australia. The SPA is for the supply of approximately 1.5 mtpa (million tonnes per annum) of ExxonMobil'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. The Gorgon LNG Project in which the ExxonMobil subsidiary holds a 25 percent share will include three 5 mtpa LNG processing trains. A final investment decision is anticipated later his year.On 30 May 2011 Petronet LNG Limited (Petronet) and Gazprom Global LNG (GGLNG) 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. This transaction illustrates the parties' objective to develop a direct long-term relationship after GM&TS' successful delivery of a number of spot cargoes via third party arrangement in Petronet's Dahej LNG terminal.On 14 November 2011 Petronet LNG Limited announced that the company has signed an agreement with GDF SUEZ extending along 2012 under which GDF SUEZ will sell Petronet about 0.6 million tons (9 cargoes) of liquefied natural gas (LNG). The cargoes will be from sources within GDF SUEZ' LNG portfolio and will be delivered to Petronet's Dahej LNG terminal in India. The signing of this short term deal with GDF SUEZ would help in minimizing the gas shortage the country is facing due to lower domestic gas production. GDF SUEZ is a major LNG player.The Board of Directors of Petronet LNG at its meeting held on 12 December 2011 approved the expansion of Dahej Terminal from 10 MMTPA to 15 MMTPA.On 2 May 2012 Petronet LNG Limited (PLL) and Gangavaram Port Limited (GPL) signed a firm and binding term sheet for developing a land based Liquified Natural Gas (LNG) Terminal at Gangavaram Port Andhra Pradesh with a capacity of 5 Million Metric Tonnes Per Annum (MMTPA). The LNG Terminal at Gangavaram Port will comprise of facilities for receiving storage and regasification of LNG and will be developed with an approximate investment of Rs 4500 crore. The Gangavaram LNG Terminal will help meet the growing energy demand of the State of Andhra Pradesh and will also cater to the increasing gas requirements of eastern and central part of India.On 6 January 2013 Petronet LNG Ltd (PLL) announced that M/s GSPC has booked a capacity of 2.25 MMTPA on a long term and firm basis in the Dahej terminal of Petronet LNG. Both the companies also agreed on various other initiatives which include connecting the proposed Gangavaram terminal of PLL with the Mallavaram-Bhilwara pipeline being built by a consortium led by GSPL as also cooperating in the area of supplying LNG through CNG route to cater to the demands of the transport sector in Gujarat.On 25 April 2013 Petronet LNG Ltd announced that it has executed a preliminary conditional agreement with United LNG (a US based firm) for supply of around 4 MMTPA of LNG for supply for 20 years through the Main Pass Energy Hub which is been jointly developed by United LNG and Freeport McMoRan Energy. The binding LNG SPA is yet to be executed and is expected by the end of this year.On 20 August 2013 Petronet LNG's LNG terminal at Kochi in Kerala received its first LNG cargo. Petronet LNG commissioned its LNG terminal at Kochi in Kerala in September 2013 with the nameplate capacity of 5 mmtpa. During the financial year ended 31 March 2015 Petronet LNG commissioned the Second Jetty at Dahej LNG Terminal. During the year under review the Kochi LNG Teminal performed gas-up and cool-down services for a warm LNG Vessel. The Kochi LNG terminal also provided bunker fuel to a Vessel. During the year under review Petronet LNG re-financed its entire Rupee Debt through placement of Bonds in the domestic markets. In late December 2014 Petronet LNG announced the arrival of its 1000th cargo under its long term contract with RasGas at Dahej LNG Terminal from Ras-Laffan Qatar. The Cargo loaded on Petronet's first vessel Disha on 22 December 2014 and arrived at Dahej on 26 December 2014.On 20 October 2015 Petronet LNG Limited and Torrent Power Limited executed Long term Capacity Booking Agreement for 1 MMTPA from Dahej terminal for a period of 20 years starting in 2017.A new sale and purchase agreement (SPA) for supply of an additional 1 MTA of LNG to Petronet LNG from RasGas Company Limited Qatar started in January 2016. RasGas Company Limited Qatar and Petronet LNG Limited entered into a binding sale and purchase agreement (SPA) for supply of an additional 1 MTA of LNG to India starting in 2016 for onward sale to four Indian entities i.e. Indian Oil Corporation Ltd. Bharat Petroleum Corporation Ltd. GAIL (India) Ltd. and Gujarat State Petroleum Corporation. On 31 December 2015 RasGas and Petronet LNG Limited entered into a binding agreement to adjust some aspects of their existing long term LNG SPA of 7.5 MTA signed by the parties in 1999 which laid the foundation for the LNG business in India. As per such agreement LNG volumes not taken by Petronet from RasGas during 2015 will be taken and paid for by Petronet during the remaining term of the SPA and will maintain its current level of oil indexation with the oil index more closely reflecting the prevailing oil prices. RasGas is one of the main suppliers of LNG into India and has been supplying Petronet since 2004.In July2016 Petronet LNG awarded EPC contract for LNG Regasification facility under further expansion of Dahej LNG terminal from 15 MMTPA to 17.50 MMTPA.On 12 August 2016 Petronet LNG announced commissioning of part facilities i.e. Regasification facility of the expansion of Dahej LNG terminal from 10 to 15 MMTPA. As such the additional gas send-out from Dahej LNG terminal has commenced. On 17 October 2016 Petronet LNG announced full commissioning of facilities i.e. Regasification facility of the expansion of Dahej LNG terminal from 10 to 15 MMTPA. On 9 March 2017 Petronet LNG informed the stock exchanges that it has received intimation from M/s GDF International who is holding 10% equity share capital in the company that it proposes to divest its entire shareholding in the company. In this connection a communication has also been sent by M/s GDF International to each of the promoter stating that they proposed to offer to each of the promoter a first right of purchase/refusal in relation to the proposed sale of 10% Equity Shares in the company in the same proportion in which the promoter are holding equity shares in the company. The Board of Directors of Petronet LNG at its meeting held on 9 May 2017 recommended issue of bonus share(s) in the ratio of 1:1.On 6 September 2017 Petronet LNG announced that it will soon form a joint venture with Japanese and Sri Lankan companies to develop an LNG Terminal in Sri Lanka to provide regassified natural gas to various power plants domestic and transport sectors in Sri Lanka. The capacity of the LNG Terminal will be decided upon the gas demand in Sri Lanka and is expected to be developed in 2 years after completion of initial formalities.