NGC Energy India, a joint venture between Oman-based National Gas Company (NGC) and Singapore-headquartered Petredec has commenced construction of an LPG import and storage terminal at Krishnapatnam Port at an investment of ₹400 crore ($55.5m).

The refrigerated LPG import and storage terminal will have a storage capacity of 30,000 tonnes and a throughput capacity of 1.4 million tonnes per annum for servicing PSUs and private sector companies in the hinterland.

The foundation stone was laid by NGC Energy chairman Abdulla Suleiman Hameed Al Harthy. The LPG terminal project is expected to generate over 400 jobs, directly and indirectly.

“The project is expected to take 15-18 months for completion after securing all approvals. We expect to complete the facility during the first half of 2021,” Nalin Kumar Chandna, Chief Executive Officer, NGC, said.

NGC will have 60 per cent stake, and Petredec, an LPG trader, will hold the remaining 40 per cent.

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13th November 2019