H-Energy signs Port Service Agreement with Kakinada Seaports Ltd.
Hyderabad, 10 September 2019. H-Energy through its wholly owned subsidiary East Coast Concessions Private Ltd (“ECPL”) and Kakinada Seaports Limited (“KSPL”), signed a Port Service Agreement (PSA) on 6th September, 2019, at Hyderabad. KSPL has the concession for Kakinada Deep Water Port from Government of Andhra Pradesh. Under the PSA, H-Energy will develop an LNG regasification and reloading terminal at Kakinada port.
H-Energy shall develop an LNG hub at the Kakinada Port catering to the needs of domestic customers in the state of Andhra Pradesh and shall supply LNG through small LNG vessels to H-energy’s upcoming Kukrahati LNG terminal in the state of West Bengal and neighboring countries like Bangladesh, Myanmar.
Mr. Darshan Hiranandani, CEO of H-Energy, confirmed “H-Energy is excited to partner with Kakinada Seaports for our East coast project. We believe that Kakinada with its existing breakwater and deep draft combined with its close proximity to various natural gas pipeline makes this an efficient and successful project for our customers, our partners, and ourselves.”
The PSA along with its associated agreements envisages a long term association between the two organizations contributing towards the India’s growth story, especially, the vision of the Government to promote a gas based clean economy.