Gail (India) Ltd. said Andhra Pradesh Gas Distribution Corporation Ltd., or APGDC, a company jointly promoted by Gail Gas Ltd. and Andhra Pradesh Gas Infrastructure Corporation Pvt. Ltd., or APGIC, had signed a Project Framework Agreement or PFA with GdF Suez LNG UK Ltd. for jointly setting up a Floating Storage and Regasification Unit or FSRU in offshore Andhra Pradesh.
APGDC has been mandated to establish and LNG importation facility in the coast of Andhra Pradesh to narrow the gap between demand and supply position and in the context of restricted availability of gas in the state of Andhra Pradesh and consequential under-utilization of infrastructural especially in the power sector.
To implement the project efficiently and effectively, APGDC selected GdF Suez LNG UK as the strategic partner for conducting a detailed feasibility study and subsequent formation of a Special Purpose Vehicle for developing the FSRU project.
Under the PFA, APGDC and GdF Suez shall jointly conduct a feasibility study and target commissioning of the FSRU project by the end of 2013.
With the commissioning of the FSRU project in Andhra Pradesh, gas consumption in the State would get a boost and the downstream activities are expected to significantly contribute to the State's economic growth.
At the BSE, Gail (India) shares are currently trading at Rs.369.70, up 1.38 percent from the previous close.
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