BUSINESS

H-Energy, KSPL ink pact for regasification project

Hiranandani Group energy arm H-Energy has signed a port service agreement (PSA) with Kakinada Seaports Limited (KSPL) to develop a liquified natural gas (LNG)regasification and reloading terminal at Kakinada port.

KSPL has the concession for Kakinada Deep Water Port from the Government of Andhra Pradesh.

“The PSA signed through H-Energy’s wholly owned subsidiary East Coast Concessions Private Ltd. (ECPL) will help the company to develop an LNG hub at the Kakinada Port catering to the needs of domestic customers in the state of Andhra Pradesh and shall supply LNG through small LNG vessels to H-energy’s upcoming Kukrahati LNG terminal in the state of West Bengal and neighbouring countries like Bangladesh, Myanmar,” said a company statement.

Commenting on the development, Mr. Darshan Hiranandani, CEO of H-Energy, said “H-Energy is excited to partner with Kakinada Seaports for our East coast project. We believe that Kakinada with its existing breakwater and deep draft combined with its close proximity to various natural gas pipeline makes this an efficient and successful project for our customers, our partners, and ourselves.”

The PSA, along with its associated agreements, envisages a long-term association between the two organisations contributing towards India’s growth story.

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