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India's H-Energy to develop LNG regasification terminal at Kakinada

New Delhi — India's H-Energy has announced plans to develop an LNG regasification and reloading terminal at Kakinada, potentially developing the port into an LNG hub to cater to demand on the country's east coast and in neighboring countries.

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The company has signed a port services agreement with Kakinada Seaports Ltd to offer port services to initially cater to the LNG demands of local customers in the southern state of Andhra Pradesh, but with a long-term goal of making the port an LNG hub on the east coast, H-Energy said in a statement. LNG reloading and breakbulk facilities will also be developed, it added.

H-Energy said its longer-term plans include supplying LNG from Kakinada via small LNG vessels to its upcoming Kukrahati LNG terminal in the eastern state of West Bengal and to neighboring countries like Bangladesh and Myanmar.

"We believe that Kakinada with its existing breakwater and deep draft, combined with its proximity to various natural gas pipelines, makes this an efficient and successful project for our customers, our partners and ourselves," H-Energy managing director and CED Darshan Hiranandani said in the statement.

The company plans to import 2 million mt/year of LNG under new term contracts for a five-year period from 2020 as it gets ready to capture part of the growing gas market in India, Hiranandani told S&P Global Platts in a separate interview..

Earlier this month, Russia's Novatek signed a memorandum of understanding with H-Energy to cooperate on long-term LNG supply to India, jointly invest in H-Energy's future LNG terminals and Novatek's LNG projects, as well as form a joint venture to sell LNG and natural gas from Novatek to end-users in India and other markets.

-- Ratnajyoti Dutta, newsdesk@spglobal.com

-- Edited by Wendy Wells, wendy.wells@spglobal.com