NGC Energy invests Rs 400 Crore in LPG import, storage terminal at Krishnapatnam Port

Chennai (Tamil Nadu) [India] Nov 08 (ANI/NewsVoir): NGC Energy, a JV between National Gas Company, Oman and Petredec India Pte Ltd, Singapore today formally began development of the LPG Import and Storage Terminal at Krishnapatnam Port at an investment of Rs 400 Crore.

The Foundation Stone was laid by Abdulla Suleiman Hamed Al Harthy, Chairman, NGC Energy.

The Refrigerated LPG Import and Storage Terminal have a storage capacity of 30000 tonnes and a throughput capacity of 1.4 million tons per annum for servicing the PSUs and Private sector companies in the hinterland.

"This is a very proud moment for us. The new Refrigerated LPG Import and Storage Terminal will help bridge the demand/supply gap with an aim to reach approximately 8 million households in the hinterland. The project is also expected to generate around 400+ direct and indirect employments thus benefiting the region. We sincerely thank all the Government officials in Andhra Pradesh and Krishnapatnam Port officials for their support to successfully begin development of this terminal," said Abdulla Suleiman Hamed Al Harthy, Chairman, NGC Energy.

NGC Energy India was established in the year 2018, heralding entry of National Gas of Oman's entry into India to set up a green-field LPG import terminal. In September this year National Gas Company signed a definitive agreement with global petrochemical, gasoline and shipping giant Petredec to transfer 40 per cent shares of NGC Energy making it a joint venture company.

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