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Itera to Reship Gas in India
Russia’s-Indian Suntera (where Itera owns 50 percent) is willing to construct a 5-million ton re-gasification terminal in India. Even though India’s demand for LNG is very favorable for the project, the analysts speculate, its success will directly depend on whether Suntera proves able to get guarantees for supply, of which it has said nothing so far.
Suntera venture of Russia’s Itera and Sun Group and India’s state-run Gujarat State Petroleum Corp (GSPC) entered into an agreement to construct a re-gasification terminal of 5-million ton capacity in India’s Gujarat, Dow Jones reported referring to a source with Suntera’s management. The project funding is estimated at $500 million. Suntera and Itera declined to comment on the undertaking.
The demand for LNG in India that has no gas reserves of its own is continuously growing and is estimated to reach 24.8 million tons in 2007, according to GAIL. India has two re-gasification terminals now, both operating in Gujarat. One of them is owned by Shell and has the capacity of 2.5 million tons, another belongs to Petronet LNG. Its capacity equals 5 million tons, and the work to double it is underway.
GSPC has recently sealed framework agreements to construct two new terminals (5-million tons each) worth $1.1 billion overall. So, the project with Suntera’s participation is the third LNG undertaking in India.
www.kommersant.com
All the Article in Russian as of Jan. 17, 2007
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