Shell India Unit to Invest $1B for LNG Terminal
From Economic Times
Anglo-Dutch oil giant Royal Dutch Shell’s India unit plans to invest USD 1 billion in building a floating liquid gas (LNG) terminal off Andhra coast by 2014 as it bets big on gas retailing in the energy deficit country.
Shell, which currently has a 3.6 million tonnes liquefied natural gas (LNG) import facility at Hazira in Gujarat, is building the floating LNG terminal off Kakinada in joint venture with Anil Ambani Group firm Reliance PowerBSE -0.87 %.
“By end of the quarter, we will be able to import 5 million tonnes at Hazira,” Shell India head Yasmine Hilton said.
The plan is to double capacity to 10 million tonnes in 3-4 years while the Kakinada terminal can also be doubled in near future.
Shell sees huge potential for gas imports as demand grows in the energy deficit country.
The company is seeing “material” interest in the upstream oil and gas exploration and production and continues to evaluate opportunities, she said adding Shell would have a have material presence in the sector in next five years.
