Krishnapatnam Port Company announced on Monday an agreement with Petrogas Pvt Ltd and the government of Andhra Pradesh for setting up a regasification terminal for liquefied natural gas (LNG).
Krishnapatnam is a privately built and operated port in Andhra’s Nellore district, about 190 km north of Chennai. It is 92 per cent owned by the Hyderabad-based CVR Group. Petrogas is a joint venture of Isomeric Holdings, Malaysia, and Vijayawada-based LEPL Ventures.
Petrogas will investment Rs 3,000 crore at Krishnapatnam for the LNG terminal. The latter’s capacity is to be five million tonnes and then be doubled over the next three years. Commercial operations will commence within three years and should create at least 500 jobs, said Krishnapatnam.
“The infrastructure story of Andhra Pradesh is set on a promising horizon and projects of such scale will provide significant boost to the country’s trade potential, apart from creating immense job opportunities,” said Chinta Sasidhar, managing director at the port company.
