Petronet LNG is planning to set up a LNG terminal at Gangavaram in Andhra Pradesh. As of May 2013, the company floated a tender to qualify bidders for constructing gas storage facilities, regasification plant and marine facilities at Gangavaram. It may be noted that the company signed a term sheet with the Gangavaram Port for the LNG terminal last year, when it also called for bids for leasing an FSRU (Floating Storage & Re-gasification Unit) for 3-5 years to cover the period till the terminal is completed.