Andhra signs MoU with ONGC to set up LNG Regasification Terminal

The Andhra Pradesh Government has signed a Rs 40,000-crore memorandum of understanding (MoU) with the Oil and Natural Gas Corporation (ONGC) for setting up a LNG Regasification Terminal in Kakinada Deep Water Port.

Underlining the importance of a regasification terminal, Andhra Chief Minister N Chandrababu Naidu said the 19th century belonged to coal, the 20th century belonged to oil, however, the 21st century definitely belongs to gas.

"We want to make Andhra Pradesh the largest shipping hub, and thus, we are going in a big way for developing ports. We are planning six-seven another ports - major, medium or minor. Our view is very clear, as on today, we are number two in sea cargo and we want to develop further through ports and the port-led economic development," he added.