Petrogas, Krishnapatnam Port ink MoU for LNG terminal.

Petrogas Private Ltd., a joint venture between ISOMERIC Holdings Bhd of Malaysia and LEPL Ventures Pvt Ltd. (LEPL) from Vijayawada, has signed a facilitation MoU with Krishnapatnam Port Company Ltd (KPCL) and the Andhra Pradesh Government for setting up a regasification and floating storage terminal at Krishnapatnam port with an investment of over $500 million.

The agreement was signed at the CII Partnership Summit recently, according to a press release.

'Petrogas will construct a 5 million tonnes per annum (MTPA) capacity regasification and storage plant and related ancillary facilities such as floating LNG storage tanks, regasification unit and others in phase one, which is expected to cost $500 million,' said S.D.V Krishna Kumar, the CEO-Power of LEPL Projects Ltd.

In phase-2, 5 MTPA capacity would be added.

HBL