APGDC, GDF SUEZ and Shell have signed an MOU to support the terminal development.
APGDC (a JV company between the Government of AP and GAIL) will have 48% stake in the project with GDF SUEZ and Shell having 26% and 26% equity in the project, respectively.
Under the second MOU, signed between GAIL, GDF SUEZ and Shell, the companies will source LNG and market the regasified LNG from the terminal.
GAIL will hold 48% in the project whereas GDF SUEZ and Shell will have 26% and 26% equity in the project, respectively.
Featuring floating storage and regasification unit (FSRU) with a peak capacity of 5 million tons per annum (mtpa) with the provision to double the capacity, the Kakinada LNG terminal will use high-end technology and is expected to be one of the first of its kind in India.
Andhra Pradesh chief minister Chandrababu Naidu said: "I am fully committed to the project and am sure that these domestic and international partners who have come together under this MOU will bring the best expertise, technology and speediness from all over the world to complete the project within 18 months."
