India, Japan JV to set up LNG import terminal in Sri Lanka

NEW DELHI: India and Japan will join hands to set up a $250 million LNG import terminal in Sri Lanka, the first collaboration between the two to counter China's growing influence in the Island nation. Petronet LNG Ltd, India's biggest gas importer, last year proposed to set up an up to 2 million tonne (MT) liquefied natural gas (LNG) import facility on the coast of Sri Lanka to meet its energy needs. Sri Lanka however wanted Japan also to have a role in it. Japan is yet to identify the company which will form an equal joint venture with Petronet for setting up the terminal.