Hyundai Heavy Industries (HHI) has won a $563 million contract to build Asia’s largest floating storage regasification unit (FSRU) to serve an LNG terminal in Karwar, Karnataka on India's west coast.
The project is expected to be completed by late-2018, after which it will moored in 40 metres of water. HHI won the tendering for the FSRU against Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
India’s mega gas project includes 330,000 square metres of storage capacity and an LNG plant at Karawar in Karnataka.
Fox Petroleum, the manager of the FSRU and LNG terminal, said last year the vessel would be equipped to process 1 billion cubic feet (Bcf) of gas per day, while an onshore plant will have a storage capacity of 11.66 million cubic feet (330,000 cubic meters).
The total cost constructing the FSRU is estimated as $563 million, while the onshore plant is projected to cost $495 million, according to the Indian firm.
Fox Petroleum Ltd., the Indian unit of Fox Petroleum Group of Companies said the development of the project in Karnataka could create up to 3,000 jobs, while 90 percent of these are expected to be set aside for local youths.
India's energy demand has grown sharply in recent years, with the country surpassing Japan as Asia's second largest consumer in 2008, according to data by BP Statistical Review of World Energy 2016.