Krishnapatnam Port Company inks agreement with Government of Andhra Pradesh and Petrogas Pvt. Ltd.

Krishnapatnam, India's largest; all weather, deep water port on the east coast of the country in the Nellore district of Andhra Pradesh on Monday said that it has signed a memorandum of understanding (MoU) with Petrogas Pvt. Ltd. and the Government of Andhra Pradesh for setting up a LNG Regassification Terminal.

Petrogas will commit a direct investment of Rs. 3,000 crore at Krishnapatnam, SPS Nellore District, Andhra Pradesh in the fields of LNG Regassification Terminal and allied industries.

The MoU which is between Krishnapatnam Port (represented by C. Sasidhar - Managing Director), the Andhra Pradesh government (represented by Sri V Ravi Kumar - Director of Ports) and Petrogas which is a JV of Isomeric Holdings Sdn Berhad and Vijayawada-based LEPL Ventures Private Limited (represented by Sri SDV Krishna Kumar) was signed in the presence of Shri Nara Chandrababu Naidu, the Honorable Chief Minister of Andhra Pradesh.

The LNG Terminal will use a state-of-the-art Floating Storage and Regasification Unit (FSRU) with a minimum capacity of 5 million tonnes per annum (mtpa) which shall be doubled to 10 million MT in another three years time.

The commercial operations for the project will commence within three years and is expected to create more than 500 job opportunities.

Mr. Chinta Sasidhar - Managing Director, Krishnapatnam Port Company Limited said, "The project is ambitious and we are proud to contribute to this opportunity along with our esteemed partners. The infrastructure story of Andhra Pradesh is set on a promising horizon and projects of such scale will only provide significant boost to the country's trade potential apart from creating immense job opportunities."

"We are extremely grateful to the Government of Andhra Pradesh for the tremendous support and co-operation towards relevant clearances, permits and licenses, and support from allied industries." he further added.

Source : Equity Bulls

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