Business Daily from THE HINDU group of publications
Tuesday, Dec 02, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Dec 02, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Projects Logistics - Shipping/Ports Hazira Port to build $500-m multi-cargo terminal Our Bureau New Delhi, Dec. 1 Hazira Port Private Ltd (HPPL), a joint venture between Shell Gas B.V. and Total Gaz Electricite Holdings France, is looking for developers to build a $500-million multi-cargo terminal at Hazira. The cargo terminal is to be built adjacent to the company’s existing LNG facility at Hazira, Gujarat. “We have appointed Citibank as advisor, we are in the process of identifying port developers,” Mr Nitin Shukla, Managing Director and CEO, HPPL, said. Shell and Total are partners in Hazira LNG Private Ltd and HPPL. Shell holds 74 per cent stake in each and Total the remaining 26 per cent. The joint ventures has so far invested $700 million at Hazira of which about $250 million have gone into port infrastructure like breakwater and dredging. “There will be no equity dilution in HPPL. The multi-cargo terminal would be built through a special purpose vehicle (SPV), which should be in place in a year,” he said adding that “the new project is expected to cost $400 million-$500 million and is likely to be operational in the next 3-4 years.” HPPL already has the concession for carrying out port activities and it will give the rights for multi-cargo port operations to the new company on sub-contract, he said. Terminal expansionAs regards expansion of 2.5 million tonne a year LNG terminal he said, “it’s on track”. The capacity of the LNG terminal is to be increased to 3.75 million tonne a year by the end of this month. The expansion will be done through de-bottlenecking of the plant. “We are talking to customers, both for long-term as well as short-term supplies of gas,” he said. Hazira LNG has imported 31 LNG cargoes so far during the current calendar year. Box terminal: Hazira Port, PSA in talks for executing project More Stories on : New Projects | Shipping/Ports
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