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The binding term sheet includes the offtake of 250 kilo tonnes per annum (KTPA) of propylene and 11 KTPA of hydrogen from Petronet Petrochemical project at Dahej, Gujarat for a period of 15 years from the date of the first supply of propylene and hydrogen from Petronet LNG to DPL.
Both the company will enter into definitive agreement in due course.
Deepak Nitrite produces a spectrum of chemicals, including agrochemicals, colourants, rubber, pharmaceuticals, speciality and fine chemicals.
Petronet LNG was formed as a joint venture by the Government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like Oil & Natural Gas Corporation (ONGC), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL) and GAIL (India). Each company held a 50% stake in Petronet LNG as of 30 September 2023.
Shares of Deepak Nitrite jumped 2.63% to Rs 2,348.95 while shares of Petronet LNG shed 0.02% to Rs 215.90 on the BSE.
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