TOKYO -- Itochu will help run a liquefied petroleum gas receiving terminal in eastern India, seeing a chance to bolster gas sales in the country as Prime Minister Narendra Modi promotes higher use of the fuel.
The Japanese trading house will spend 2.5 billion rupees ($38.6 million) in July to buy a 19.7% stake in Hindustan Aegis LPG, the operator of the facility in the state of West Bengal. In the same month, the Mumbai-based company will begin operating the terminal, which has an annual LPG storage capacity of 2.5 million tons. Hindustan Aegis will receive tank leasing fees from gas importers.
