Bumi Armada’s new India tie-up


“In order to achieve a financially successful project, SPACEVPL will have to sell the terminal capacity and regasification to potential customers, ” Bumi Armada said

PETALING JAYA: Bumi Armada Bhd said its joint venture company in India has entered into a deal to set up and operate a floating storage and regasification unit (FSRU) in Mumbai harbour.

The project is for a period of 30 years.

It said SP Armada Clean Energy Ventures Private Ltd (SPACEVPL) on May 18 has entered into a License Agreement with the Board of Trustees for the Port of Mumbai (MbPT) for the job.

“In order to achieve a financially successful project, SPACEVPL will have to sell the terminal capacity and regasification to potential customers, ” Bumi Armada said.

“To this end, there is a focused marketing strategy in place, ” it added.

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