In order to make the most out of the available business opportunities across small ports in the country, Essar Ports has decided to invest Rs 2,500 crore to set up one liquefied natural gas (LNG) terminal one each on the western and eastern coasts very shortly, said Rajiv Agarwal, managing director and chief executive of Essar Ports. As a matter of fact, the company is looking at a cluster of small ports which will be closer to potential customers and that Hazira and Salaya, where it already operates ports, could be the sites it can set up the LNG terminals. Typically, each terminal will cost between $150-300 million, depending on the amount of work to be carried out and that the capacity will range between 2.5-5 million tons. About its existing concession agreements to operate ports allowing adding LNG terminals, he said certain approvals are needed from nodal agencies like the Gujarat Maritime Board. It can be noted that the government is promoting LNG as an alternative fuel to reduce pollution. On the finance front the company will tie up with banks and also put in its own resources as equity, he added.
📅Published on:
26 September 2017
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