CHENNAI, Nov 8: NGC Energy India Pvt Ltd – a
joint venture between Oman-based National Gas Company and
Singapore-headquartered Petredec – would jointly set up a
liquified petroleum gas import and storage terminal at
Krishnapatnam Port at an investment of Rs 400 crore.
NGC Energy would produce propane, butane at the
refrigerated terminal which would have a storage capacity of
30,000 tonne and a throughput capacity of 1.4 million tonne
per annum, company officials said here.
The foundation stone for the project was laid by NGC
Energy chairman Abdulla Suleiman Hameed Al Harthy recently.
“The joint venture structure is 60 and 40 per cent (with
Petredec). Total investments will be Rs 400 crore. We will be
commencing construction very soon,” NGC Energy India
director Nalin Kumar Chandna said.
He said they have set a target of completing the
construction in 18 months.
“Customers will be from manufacturing industries, glass
industry, ceramic industry,” he said adding the project
would generate around 400 direct and indirect jobs.
“We sincerely thank all the government officials in Andhra
Pradesh and Krishnapatnam Port officials for their support,”
Harthy said.
On the joint venture, a company official said National Gas
Company signed a definitive agreement to transfer 40 per cent
of its shares to Petredec in September this year.
India was world’s second largest consumer and importer of
LPG. LPG demand was growing seven per cent annually from 24 to
42 MTPA, an official said.
China is the largest consumer of LPG.
To a query, an official said the Krishnapatnam Port’s
strategic location to hinterland of Andhra Pradesh, Telangana,
Karnataka and Tamil Nadu was the reason to select it for the
project. (PTI)
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