NGC Energy, Petredec to set up Rs 400-crore LPG terminal (EDS: Replacing words in para II) Chennai, Nov 8 (PTI) NGC Energy India Pvt Ltd - ajoint venture between Oman-based National Gas Company andSingapore-headquartered Petredec - would jointly set up aliquified petroleum gas import and storage terminal atKrishnapatnam Port at an investment of Rs 400 crore.
NGC Energy would import and store propane, butane at therefrigerated terminal which would have a storage capacity of30,000 tonne and a throughput capacity of 1.4 million tonneper annum, company officials said here.
The foundation stone for the project was laid by NGCEnergy chairman Abdulla Suleiman Hameed Al Harthy recently.
'The joint venture structure is 60 and 40 per cent (withPetredec). Total investments will be Rs 400 crore. We will becommencing construction very soon,' NGC Energy Indiadirector Nalin Kumar Chandna said.
He said they have set a target of completing theconstruction in 18 months.
'Customers will be from manufacturing industries, glassindustry, ceramic industry,' he said adding the projectwould generate around 400 direct and indirect jobs.
'We sincerely thank all the government officials in AndhraPradesh and Krishnapatnam Port officials for their support,'Harthy said.
On the joint venture, a company official said National GasCompany signed a definitive agreement to transfer 40 per centof its shares to Petredec in September this year.
India was world's second largest consumer and importer ofLPG. LPG demand was growing seven per cent annually from 24 to42 MTPA, an official said.
China is the largest consumer of LPG.
To a query, an official said the Krishnapatnam Port'sstrategic location to hinterland of Andhra Pradesh, Telangana,Karnataka and Tamil Nadu was the reason to select it for theproject. PTI VIJNVG NVGNVG NVG