Fox Petroleum Limited has proposed Government of Karnataka to set up India’s First Floating Storage Regasification Unit (FSRU) LNG Terminal. The Offshore Terminal has to process 1 billion cubic feet (bcf) of gas per day and a storage capacity of 330,000 m3 of LNG Onshore and same capacity offshore to cater the energy need of the State of the Karnataka. Mr. Ajay Kumar, Chairman and Managing Director of Fox Petroleum Limited gave a detail oriented presentation to Hon. Shri. K. Siddaramaiah, Hon'ble Chief Minister, Government of the Karnataka yesterday evening at “Krishna”, the home office of Hon'ble Chief Minister at Bangalore, Karnataka.
During his presentation, Mr. Ajay Kumar, Chairman & Managing Director of Fox Petroleum Limited shared a comprehensive analysis of opportunity and challenges of setting up the innovative project and explained how it can contribute to energy need of the state. He said, “The world’s energy demand is growing far more rapidly than the energy industry can supply, so alternative resources are being investigated by the energy industry to address the deficit in energy production. Liquefied natural gas (LNG) is one of the alternatives being explored. Recent advancements in technology have given energy companies the ability to transport and deliver LNG long distances, and because of the impending energy shortage, federal regulatory agencies have relaxed the constraints that have been imposed in recent years on granting offshore construction permits in relation to LNG terminals.”