Giving a huge boost to the energy sector in the state as well as to the Rayalseema region, a Malyasian firm Isomeric Holdings Private Limited has come forward to construct the Regasification and Storage Terminal at Krishnapatnam Port in Nellore district. This unit will be constructed with an investment of Rs 3,000 crore.
The new terminal will be built in a span of 24 months in Build, Own and Operate (BOO) mode with an investment of Rs 3,000 crore. This project is expected provide employment to 3,000 people.
Malaysia’s Isomeric Holdings Private Limited and Vijayawada-based LEPL company will be jointly constructing the terminal with an equity share of 74 per cent and 26 per cent respectively.
The terminal has a capacity of 5 million tonnes per annum. Another Malaysian company Petronas, a Fortune 500 company, will be partnering on the project at a later stage.
This move was decided when a Malaysian delegation comprising of the Head, Petronas, Yohanis Ismail, Malaysia energy secretary Somasundaram, Isomeric company representative Sadacharmani, official E Sivabalan led by S Samy Vellu special envoy from Malaysian government called on Chief Minister N. Chandrababu Naidu.
During the meeting, the Chief Minister recalled the memories of his visit to Malaysia and said that the Coastal Road of Malaysia inspired him to construct the four-lane road from Ichapuram to Tada in the state.