India plans to spend $2.5bn on LNG storage infrastructure
India is planning to set up floating storage facilities for LNG at all its major ports with an investment of 200bn rupees ($2.45bn), Economic Times (ET) reported on November 25 quoting a senior government official.
"A plan is in the works ... It would be finalised by the fiscal year-end [March 2023]," the official told ET. The project will be open for private sector participation.
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India has 12 major ports of which Kochi in southern India and Kandla in western India already have accessible LNG storage facilities.
“LNG is soon going to be the preferred fuel for ships. The cryogenic storage being planned will receive and store natural gas in the liquid form and then refuel ships that come to the port,” the official said.
India is looking to boost the use of gas and is aiming to increase its share in the overall energy mix to 15% by 2030 from about 6-7% today.