"Fox Petroleum Signs MoU With Govt of Karnataka for FSRU LNG TERMINAL"

NEW DELHI, April 18, 2016 (Newswire.com) - Fox Petroleum Group of Companies with interest in Oil and Gas sector, Power Generation and Distribution is one of the leading Company in its chosen field; With its core purpose of its existence to “Make India a No Dark Zone”, Fox Petroleum tries to explore - what change should India make in order to offer more secured energy future? intends to create a strong Storage and Transportation Infrastructures like FSRU LNG Terminals, Oil & Gas Pipelines, Oil storage Bunkers, Oil Refineries and further Gas based Power Plants  in India followed by creating avenues for manufacturing industry in the lines of Government of India’s  “Make in India” Campaign. It believes that by such Storage and Transportation infrastructure will boost the Gas based Power Plants for producing More Power at low cost and the Generated Power can be used for development of manufacturing industry across the sectors.

This Memorandum of Understanding is signed between M/s. Fox Petroleum Ltd an Indian arm of Fox Petroleum Group of Companies and The Government of Karnataka (In the presence of Hon’ble Minister Large, Medium Industries & Tourism Government of Karnataka);

We will update again on 15 May 2016 about the Name of The EPC Contractor, who will be shortlisted among the worlds seven most reliable developer of FSRU TERMINAL to develop "Asia's Biggest Capacity FSRU LNG TERMINAL".

Amit Kumar , Director (PR & Communication)

MoU Signed to achieve the following objectives: (a.) The Company proposes to set up Floating Storage Regasification unit with Storage Capacity Plant of LNG, in Karnataka with an investment of Rs 7000/- crores. (b). The Government of Karnataka will provide the requisite support for implementation of the above project in the State. (c) Create 3000 New Jobs with guarantee to hire 90% local youths.

The project will be developed in Karawar District of Karnataka; India. Floating Storage Regasification Unit (FSRU) LNG Terminal Offshore 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 (India);

Fox Consultancy Services Team with provided with the unit cost of each terminal component for three shipyards in Korea, Japan, and Spain respectively. At current market prices, Spain is the least-expensive location. The total cost for constructing the FSRU estimated as US $563 million only offshore and onshore US $495 Million.

We will update again on 15 May 2016 about the Name of The EPC Contractor, who will be shortlisted among the worlds seven most reliable developer of FSRU TERMINAL to develop “Asia’s Biggest Capacity FSRU LNG TERMINAL”.

Thank You.

Source: Fox Petroleum Limited