THE BIGGEST ASIA'S LNG TERMINAL
FOX PETROLEUM wrote, they have officially invited to work on FSRU LNG Terminal Karwar, Karnataka. Memorandum of Understanding is signed between Fox Petroleum Ltd an Indian arm of Fox Petroleum Group of Companies and The Government of Karnataka (In the presence of Hon’ble Minister Large, Medium Industries & Tourism Government of Karnataka); Total amount of LNG will be gasified per year from terminal expected 7.2 Million MT Per Year that will make it Asia’s Biggest LNG Terminal.
Terminal will be managed Fox Petroleum LNG Terminal Team.
It will be Karwar’s second busiest port but in LNG, handling about 35% of nation’s LNG Cargo. The Site is located in an old channel of the Karwar, Karnataka. The total area for the Port comprises of 100 acres onshore storage, with an adjacent 11,000 acres (45 km square) industrial estate. Terminal is located at a distance of about 50 km from city centre district administration and 15 km from National Highway.
MoU Signed to achieve the following objectives:
(a.) The Company proposes to set up Floating Storage Regasification unit with Storage Capacity Plant of LNG, in Karnataka with an investment of Rs 7000/- crores.
(b). The Government of Karnataka will provide the requisite support for implementation of the above project in the State.
(c) Create 3000 New Jobs with guarantee to hire 90% local youths.
The project will be developed in Karawar District of Karnataka; India. Floating Storage Regasification Unit (FSRU) LNG Terminal Offshore to process 1 billion cubic feet (bcf) of gas per day and a storage capacity of 330,000 m3 of LNG Onshore and same capacity Offshore to cater the Energy Need of the State of the Karnataka (India).
At current market prices, Spain is the least-expensive location. The total cost for constructing the FSRU estimated as US $563 million only offshore and onshore US $495 Million.
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