LNG terminal to be developed at Indian port
A new Port Service Agreement (PSA) will see an LNG regasification and reloading terminal developed at Kakinada Port in India.
H-Energy through its wholly owned subsidiary East Coast Concessions Private Ltd (ECPL) and Kakinada Seaports Limited (KSPL) signed the PSA, under which H-Energy will develop the terminal. KSPL has the concession for Kakinada Port from the Government of Andhra Pradesh.
Darshan Hiranandani, CEO of H-Energy, confirmed: “H-Energy is excited to partner with Kakinada Seaports for our East coast project. We believe that Kakinada with its existing breakwater and deep draft combined with its close proximity to various natural gas pipeline makes this an efficient and successful project for our customers, our partners, and ourselves.”
The LNG terminal will cater to the needs of domestic customers in the state of Andhra Pradesh and will supply LNG through small LNG vessels to H-energy’s upcoming Kukrahati LNG terminal in the state of West Bengal and neighboring countries like Bangladesh, Myanmar.
The PSA is anticipated to contribute towards the India’s growth story, especially, the vision of the Government to promote a gas based clean economy.
Earlier this month, Novatek and H-Energy signed a Memorandum of Understanding (MOU) which envisages cooperation in LNG supplies to India on a long-term basis, joint investment in LNG terminals of H-Energy and LNG projects of Novatek, as well as establishing a joint venture to market LNG and natural gas from Novatek portfolio to end-customers in India, Bangladesh and other markets.
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