M’sian consortium to invest RM1.55bil in regasification project in India

KUALA LUMPUR, 29 Dis -- Duta Khas (Bertaraf Menteri) ke India dan Asia Selatan, Datuk Seri S. Samy Vellu (kiri) menerima kertas kerja projek Regasification and Floating Storage Terminal with Associated Facilities in Krishnapatnam Port, Andhra Pradesh, India daripada Pengarah Urusan merangkap Ketua Pegawai Eksekutif Isomeric Holdings Sdn Bhd, Sadacharamani Govindasamy (kanan) selepas sidang media di pejabatnya hari ini. Projek yang dianggarkan bernilai USD500 juta atau RM2.1 bilion akan diusahakan oleh Syarikat Isomeric Holdings Sdn Bhd bersama rakan mereka dari Andhra Pradesh, LEPL Energy Pvt Ltd. --fotoBERNAMA (2015) HAK CIPTA TERPELIHARA

KUALA LUMPUR: Isomeric Holdings Sdn Bhd will be the controlling shareholder in a RM2.1bil regasification and floating storage terminal project with associated facilities in Krishnapatnam Port, Andhra Pradesh, India.

Chief executive officer Sadacharamani Govindasamy said the project would be developed by a special-purpose vehicle (SPV), Petrogas Pvt Ltd, a partnership between the Malaysian consortium (74%) and Andhra Pradesh-based LEPL Renergy Pvt Ltd (26%).

Isomeric Holdings will invest about RM1.55bil in the project, for which reputable international banks such as Germany’s Deutsche Bank, India’s ICICI Bank and France’s BNP Paribas have indicated firm interest to provide financing, he said.

Speaking to reporters after a media briefing in Kuala Lumpur on Tuesday, he said the first phase of construction was expected to take place between February and March 2016 and to be completed in 24 months, and would generate annual revenue of US$50mil (RM214.4mil) a year after the completion of the phase.

Meanwhile, Malaysia’s Special Envoy to India and South Asia for Infrastructure Datuk Seri S. Samy Vellu told a media briefing earlier that Petroliam Nasional Bhd (Petronas), one of the largest producers of liquefied natural gas (LNG) in the world, would be given priority to supply the product.

He said he had asked the Malaysian consortium to give priority or first right of refusal to Petronas.

“The project is seen as a golden opportunity for Petronas to increase its market share in the supply of LNG in India,” he said, adding many suppliers like Gazprom, Qatar Gas and Singapore LNG suppliers had shown keen interest to supply the product for India through this project.

Under the contract, expected to be signed on Jan 11, 2016 in India’s southern state of Andhra Pradesh, the designated oil and gas company will supply the LNG for 25 years.

The signing will be witnessed by Samy Vellu and Chief Minister of Andhra Pradesh, N. Chandrababu Naidu. - Bernama