According to a company press release, Fernas Construction India, a wholly-owned subsidiary of Turkey’s Fernas Inc, plans to set up a LNG storage and re-gasification terminal in Gujarat in collaboration with Mumbai-based Swan Energy.
Fernas Construction India plans to invest $1 billion (Rs 5,300 crore) over a period of four years for the proposed terminal to be set up at Okha in Jamnagar district. The company has signed an MoU with the Gujarat government in this regard during the Vibrant Gujarat Global Summit.
Also, Fernas and Swan signed the MoU as joint venture partners. The MoU was signed by Engin Nasiroglu, Vice-Chairman, Fernas Construction, in the presence of Gujarat Chief Minister Narendra Modi and Pankaj Kumar, Vice-Chairman and CEO, Gujarat Maritime Board.