New Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

According to a statement IFC, the World Bank’s private lending arm has decided to assist PLL build a LNG import and regassification terminus in southern India, which provide consumers access to a spotless and reasonable energy source. The deal includes a $150-million loan for IFC’s personal account and an added $150 million from commercial lenders.

“In addition to providing us with much-needed funding, IFC’s support also opens new financing options at competitive rates for our future projects,” said P. Dasgupta, Managing Director and CEO of PLL.

The company also plans to swell its functioning to Kochi in Kerala.

This will facilitate the company importantly shrink injurious environmental emissions, whilst making energy more inexpensive for private and commercial users by dislocating costlier imported fuels.

“IFC is pleased to partner with Petronet,” said Rashad Kaldany, IFC Director for Infrastructure.