Isomeric Regasification Storage Terminal In Andhra Pradesh To Create 3,000-5,000 Jobs

KUALA LUMPUR, Aug 17 (Bernama) -- Isomeric Holdings Sdn Bhd's US$500 million (about RM2.1 billion) regasification and floating storage terminal project, located in Krishnapatnam Port, Andhra Pradesh, India, is expected to create between 3,000 and 5,000 jobs for the locals by end-2017. Chief Executive Officer/Managing Director Sadacharamani Govindasamy said the project would be the impetus for industries such as ceramic and fertiliser bottling plants in India. "It is going to drive a bigger range of industries in India," he told a press conference here Wednesday. He said the first phase of the construction kicked off last week and it was expected to be completed in 16 months. The construction would include the building of a modular five million tonne per annum capacity regasification and floating storage plant and related ancillary facilities in the vicinity of Krishnapatnam Port. Sadacharamani said the first phase was expected to generate an annual revenue of US$50 million. Costruction of the second phase, which would involve the setting up of five regastification units of the same capacity, would begin next year. Speaking to Bernama later, Sadacharamani said:"We have enough requirement from the Indian government for the construction of the urea plants, which is not covered in the first phase. "If the construction of the first phase runs smoothly, construction of the second phase can probably start anytime next year. Isomeric inked an agreement, in January 2016, with Andhra Pradesh-based LEPL Renergy Pvt Ltd for the regasification and floating storage terminal project. Under the agreement, Isomeric will invest about US$387.42 million (RM1.55 billion) in the project, which will be developed by a special purpose vehicle (SPV), Petrogas Pvt Ltd, in partnership with a Malaysian consortium (74 per cent) and LEPL Renergy (26 per cent). (US$1 = RM4.00) -- BERNAMA