H-Energy signs joint venture agreement with “K” Line for LNG Re-Gasification Project in West Bengal
January 30, 2018
Kolkata, 16th January 2018:
Achieving a major milestone for their LNG re-gasification project in West Bengal on the East Coast of India, H-Energy Private Limited and Kawasaki Kisen Kaisha, Ltd. (“K” Line) signed an agreement on 12th December 2017 to jointly develop a project to import LNG.H-Energy shall hold 74% in the joint venture Company while “K” Line shall hold the remaining 26% stake.The project envisages an FSRU/FSU in the Offshore Digha region of West Bengal to provide re-gasified LNG (R-LNG) to customers in West Bengal and Bangladesh. The FSRU/FSU for this project shall be provided by “K” Line.
Mr. Darshan Hiranandani, CEO of H-Energy said “we greatly value the relationship with “K” Line and are happy that a global shipping company like “K” Line with vast experience in LNG shipping operations is part of our East Coast LNG project.” He further stated that “both the companies will further strengthen their relationship through collaboration in other areas such as LNG bunkering at Major Ports on the East Coast and West Coast of India and supply of LNG ships for other projects of H-Energy. These are currently under discussion and are expected to fructify shortly”.
All necessary studies related to Navigation Simulation, Uptime Assessment, Mooring Analysis and several others are underway to ensure the safe and smooth operation of the project.
Commenting on the major milestones achieved by the project, Mr. Darshan Hiranandani, CEO of H-Energy said, “We have been able to achieve the key milestones of the project and expect to start commercial operations by 2020 with the unstinted support of the Government of West Bengal and the Ministry of Shipping, Government of India. We are extremely pleased that the progress of the project will gain additional momentum with the involvement of “K” Line.”
H-Energy Gas Marketing Private Limited will book re-gasification capacity in the project and will be responsible for sourcing LNG and for supplying R-LNG to downstream customers, providing end-to-end gas solutions to the downstream customers in West Bengal. The project will also be supply R-LNG to customer in western Bangladesh.
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