India's Fox Petroleum May Invite Samsung Heavy Industries to Build FSRU

Fox Petroleum Limited will most likely invite Samsung Heavy Industries to work on its proposed FSRU which will be located at Karwar in the western Indian state of Karnataka.

The FSRU will be Karwar’s second busiest port handling about 35 percent of nation’s LNG cargo, the company said on Monday. India is currently facing shortage of natural gas. In order to bridge the gas supply and demand gap, LNG import is considered vital. Government views import of LNG on fast track to meet the growing demand of natural gas a supplementary fuel.

The facility will have a storage capacity of 330,000 m3 of LNG.

The company has signed an MoU with government of Karnataka worth $1 billion. Fox estimates the FSRU costs at $563 million and the onshore infrastructure at $495 million. 

Till date nine reputed global firms have expressed interest to establish LNG terminal with Fox Petroleum, out of which three are proactive, the company added.