The Nation’s largest natural gas processing and distribution company, GAIL India limited has entered into a contract with Paradip Port Trust (PPT). The agreement includes setting up of a Floating Storage and Regasification Unit (FSRU) inside Paradip port. The initial capacity of the terminal is estimated to be 4 million tonne per annum (mtpa) and which is expected to be commissioned by 2017.
In the next phase, GAIL intends to extend the terminal capacity upto 8-10 MMTPA. The memorandum of understanding (MoU) was signed between GAIL and PPT in presence of Union Minister for Shipping Mr. G K Vasan.
The project is believed to set the future course of ODISHA economically along with making it ENERGY secure. Mr. Sekhara Mishra, PPT chairman said the FSRU at Paradip port will position both Paradip and Odisha on the global map of LNG business. This FSRU terminal will cater to the requirement of eastern, western and central parts of the country. Mr. G K Vasan also added that the completion of this project will position Odisha on the global LNG map, heralding a new area in industrial development and employment generation and economic upliftment of the nation as a whole.
India is the fourth largest consumer of Natural Gas and projects like these would certainly help the country to become an Energy secure Nation.