Fernas Construction India Pvt Ltd has signed an MoU with the Gujarat Government pledging an investment of $1 billion (Rs 5,300 crore) over a period of four years for setting up a new LNG terminal at Okha in Jamnagar district.

According to a release, Fernas India, a 100 per cent owned subsidiary of Turkey’s Fernas Inc., will set up a joint venture with the Mumbai-based Swarn Energy for floating the LNG storage and re-gasification unit.

Fernas and Swarna have signed the MoU as joint venture partners during the Vibrant Gujarat Global Summit.

The MoU was signed by Engin Nasiroglu, Vice-Chairman, Fernas Construction, in the presence of Gujarat Chief Minister Narendra Modi and Pankaj Kumar, Vice-Chairman & CEO, Gujarat Maritime Board.

(This article was published on January 12, 2013)
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