India's H-Energy explores potential Canada LNG export terminal
CALGARY, Alberta (Reuters) - India-based H-Energy has signed an option agreement with the Canadian province of Nova Scotia, to look at putting up an natural gas liquefaction facility and export terminal in the province, a director of the company, said on Thursday.
H-Energy director Darshan Hiranandani said the option on a site on the Strait of Canso would give the privately-owned company exclusive rights to buy the site if feasibility studies prove satisfactory.
"Last week we signed our option agreement with the government of Nova Scotia," he said. "LNG export terminals are far and few. We do not believe there are any other Indian companies that have put up LNG export terminals so far."
Hiranandani said it would take two or three years to get to the point of starting construction on the site.
He was speaking at a forum organized by the Canada-India Business Council in Calgary, aimed at encouraging Indian investment in Canada's oil and gas industry.
Canada is the world's third largest gas producer and sixth largest oil producer.
Energy demand is on the rise in India's nearly $2 trillion economy, with stagnant domestic output encouraging companies to ramp up efforts to import oil and gas.
H-Energy, which is part of the Hiranandani Group, one of India's largest privately-held property developers, is also building an LNG import facility on the west coast of India.
(Reporting by Nia Williams, editing by G Crosse)
- Tweet this
- Share this
- Digg this
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- UPDATE 4-NY says Ocwen backdated foreclosure letters, company shares slide
- U.S. to funnel travelers from Ebola-hit region through 5 airports
- New Total boss must overhaul exploration strategy, pursue cost cuts
- 'Fraggle Rock' actor Gerard Parkes dies at age 90
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article