Two newcomers to the Indian energy market have linked up with Belgian shipowner Exmar to develop a planned floating LNG import project off the east coast of India.
New Jersey-based VGS Group has begun the groundwork for setting up a 175,000-cbm floating storage and regasification unit (FSRU) at Kakinada port to import 3.6 million tonnes per annum (mtpa) of LNG.
Sources say VGS, which has established a joint venture with Cavallo Energy of the US and Exmar for the proposed $450m FSRU, is in the process of raising funds from a consortium of international financial institutions for the project.
VGS,
