Atlantic Gulf & Pacific Company to set up LNG terminal at Karaikal

Philippines-based Atlantic Gulf & Pacific Company has signed a pact with Karaikal Port Private Limited to develop a liquefied natural gas (LNG) import terminal at the port in Puducherry. The terminal is expected to have a capacity of 1 million tonnes per annum in the first phase, which will be doubled in the next two years. In the first phase, an investment of about $200 million is expected. The project will achieve financial closure in the next six months and the first gas supply will be in 2019. The company has signed an exclusive LNG supply pact with PPN Power. It has already received environmental approval for the terminal.