USD$500m investment in Indian LNG terminals
Essar Ports' facility Hazira is expected to be the location of one of the new LNG terminals
Essar Ports will begin investing around USD$500m in two liquefied natural gas (LNG) terminals in India within 18 months.
The terminals will be built on the east and west coasts, said Rajiv Agarwal, managing director and chief executive of the Russia-based company, according to Hellenic Shipping News.
Mr Agarwal said the company is looking at a cluster of small ports which will be closer to potential customers and “investment in the first phase could be in the region of about $500 million,” reported Hellenic Shipping News.
Hazira and Salaya, where Essar Ports already operates ports, are expected to be potential sites for the terminals.
Essar Ports further indicated that four terminals would be built over a longer time span.
Financial Express reported Mr Agarwal as stating: “We will construct two terminals on the east coast and two on the west. The first one will be in Hazira. We should be able to complete construction sometime in FY19.”
Allegedly, Essar Ports is in discussion with multiple companies regarding LNG supply.
Yesterday, Essar Ports announced on Facebook that Esaar Vizag Port aims to become a zero-contamination, zero-spillage and zero-emission facility.