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H-Energy’s wholly owned subsidiary East Coast Concessions Pvt. Ltd (ECPL) and Kakinada Seaports Limited (KSPL), signed a Port Service Agreement (PSA) on September 6 at Hyderabad. KSPL has the concession for Kakinada Deep Water Port from the state Govt of Andhra Pradesh. Under the PSA, H-Energy will develop an LNG regassification and reloading terminal at Kakinada port.
Confirming the development, Darshan Hiranandani, CEO, H-Energy observed, “H-Energy is excited to partner with Kakinada Seaports for our East coast project. We believe that Kakinada with its existing breakwater and deep draft combined with its close proximity to various natural gas pipeline makes this an efficient and successful project for our customers, our partners and ourselves.”
H-Energy shall develop an LNG hub at the Kakinada Port catering to the needs of domestic customers in the state of Andhra Pradesh and shall supply LNG through small LNG vessels to H-energy’s upcoming Kukrahati LNG terminal in the state of West Bengal as well as neighboring countries like Bangladesh and Myanmar.
The PSA along with its associated agreements envisages a long-term association between the two organisations with focus on the federal government’s vision to promote a gas based clean economy.