Hyderabad-based Spacenet Enterprises India Ltd and Russia’s Modern Fuel Technologies will form a joint venture aimed at executing Liquefied Natural Gas (LNG) projects across India with a focus on retail.
In this JV, Spacenet will be holding a 15-25 per cent stake which adds value to the company, the company said in a statement.
The project will be implemented in two phases — Phase 1 (FY 2025-27): Establishment of 20 LNG gas stations and fuel retail outlets. Phase 2: Expansion to 180 LNG gas stations and fuel retail outlets nationwide.
The project will also promote “retrofitting” heavy commercial vehicles (HCVs) to use LNG, contributing to energy efficiency and reduced carbon emissions, the statement said.
This joint venture underscores the mutual interest of both companies in developing energy, transport, and other economic sectors using modern LNG technologies and solutions and this LNG project is financed by Russian major bank.
Tags: LNG, Modern Fuel Technologies, Projects, Spacenet Enterprises
Recent Posts
Gremex Shipping fined in pollution case
CHIMBUSCO secures first LNG refueling service in Europe
Nations not doing enough to cut global emissions by 2.6%: UNFCCC
JSW-POSCO to set up greenfield steel plant in Odisha’s Keonjhar
ADB lauds India’s fossil fuel subsidy reforms
Zero-carbon ammonia for shipping faces challenges
Wärtsilä signs lifecycle agreement for 7 Capital Gas LNG carriers
ABS releases report on nuclear LNG carrier design