Malaysian Firm Secures US$500 Mln Gas Terminal Project In India

By Santhiran Munisamy NEW DELHI, Jan 11 (Bernama) -- Malaysian company Isomeric Holdings Sdn Bhd has signed an agreement with local partner Andhra Pradesh-based LEPL Renergy Pvt Ltd for the regasification and floating storage terminal project worth US$500 million (RM2.2 billion) in Krishnapatnam Port, Andhra Pradesh, India. The signing ceremony, on the sidelines of the the Partnership Summit 2016 in Hyderabad, was witnessed by Malaysia's Special Envoy to India and South Asia for Infrastructure S. Samy Vellu and Andhra Pradesh Chief Minister N. Chandrababu Naidu. The project will be developed by a special purpose vehicle (SPV), Petrogas Pvt Ltd, a partnership between the Malaysian consortium (74 per cent) and LEPL (26 per cent), will supply liquefied natural gas (LNG) for Andhra Pradesh and neighbouring states. Petroliam Nasional Bhd (Petronas), one of the largest producers of LNG in the world, will supply the product for a period of 25 years. The first phase of the project, expected to be completed early next year, is estimated to generate a yearly revenue of US$50 million (about RM220 million). -- BERNAMA