Essar Ports is planning to invest some $500 million to build four liquefied natural gas (LNG) terminals within the following 18 months.
Speaking to Press Trust of India, Essar Ports’ CEO and managing director Rajiv Agarwal said the $500 million would be invested in the first phase of the development that would see the company set up one LNG terminal on the west and east coast each.
The two ports where the potential projects could be developed are the Hazira and Salaya ports where the company already operates.
Additional two terminals would be constructed in the second phase.
It is expected that each facility would have an import capacity of 2.5 to 5 mtpa, with preparations already ongoing, Agarwal said, adding that within the next eighteen months some works could begin.
To secure funds, Essar Ports intends to sign agreements with banks as well as to tie up its resources as equity.
LNG World News Staff