PRZOOM - /newswire/ -
Paris, France, 2012/04/17 - GDF SUEZ has been selected by Andhra Pradesh Gas Distribution Corporation (APGDC), as strategic partner for the development of a floating liquefied natural gas (LNG) import terminal project, on the East coast of India - GDFSUEZ.com. FR0010 208488
A feasibility study has been launched and would be completed by the end 2012, followed by a Final Investment Decision (FID). The commissioning date is expected in early 2014. This fast track solution will provide Andhra Pradesh with LNG to support its growth (CAGR* of 7.4% over the period 2005-2010) one of the strongest among all Indian states.
The import terminal would have a 3.5 mtpa envisaged capacity using a Floating Storage and Regasification Unit (FSRU). GDF SUEZ would have a 26% stake in the import terminal, with an access to equity regasification capacities. The expertise of the GDF SUEZ Group in LNG import projects development will be mobilized in the study and after FID if it is granted.
APGDC is a Joint Venture between GAIL GAS (a 100% subsidiary of GAIL (India) Ltd) and APGIC (Andhra-Pradesh Gas Infrastructure Corporation). Gail is the largest gas transport and marketing company in India.
Jean-Marie Dauger, Executive Vice President GDF SUEZ, in charge of Global Gas & LNG business line said: “We are delighted to initiate this new partnership in India. This agreement is a recognition of GDF SUEZ expertise in LNG projects development. With a 10% stake in Petronet LNG Limited and a medium term LNG sales agreement signed in 2011, GDF SUEZ confirms that India, and more generally Asia, as a core development region for its LNG business”.
GDF SUEZ is present in India in the natural gas business since 1997, with a 10% stake in Petronet LNG, the owner of LNG import terminals in Dahej and Kochi (under construction).
GDF SUEZ considers Asia as one of the core development region for its LNG business, with strong growth prospects and new supply potential. To support its development in this area, the Group is developing Bonaparte LNG, a two mtpa floating LNG project in Australia.
The Group has a recognised expertise in fast track LNG projects, with the implementation of Mejillones LNG import terminal, in less than 24 months. GDF SUEZ is one of the leading LNG players in the world and the main LNG importer in Europe. Its LNG portfolio of 16.5 MTPA, sourced from six countries, is the third one in the world. It operates a fleet of 17 LNG carriers and has a significant presence in regasification terminals around the world.
*CAGR: compound annual growth rate
About GDF SUEZ
GDF SUEZ (gdfsuez.com) develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, combating climate change and optimizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
Investor relations contact:
T: +33 (0)1 44 22 66 29 - E: ir[.]gdfsuez.com.