Petronet LNG incorporates wholly-owned subsidiary in Singapore; Stock dips 2%

9 Mar 2022 , 10:13 AM

Petronet LNG Limited (PLL) has incorporated a wholly-owned subsidiary company at Singapore under the name ‘Petronet LNG Singapore Pte. Ltd.’ on March 07, 2022.

The newly incorporated wholly-owned subsidiary Petronet LNG Singapore Pte. Ltd. has been incorporated to carry out business/activities, including but not limited to purchase of LNG on long, spot and short-term basis and sale of LNG, trading of LNG to Indian and foreign companies, optimization and diversion of LNG under its portfolio, carry out hedging, purchase of LNG under LNG SPAs, sale of LNG to customers, investments in overseas ventures etc. The registered office of the wholly-owned subsidiary company is at Singapore, said company.

Further, the issued and paid-up Share capital of the Company is USD 500 (500 shares of US dollar 1 each).

At around 10:17 AM, Petronet LNG was trading at Rs215.70 apiece down by Rs5.15 or 2.33% against its previous closing of Rs220.85 apiece on the BSE.