Bumi, Shapoorji Pallonji plan LNG facility in Mumbai
SP Armada Clean Energy Ventures, a joint venture between Malaysia s Bumi Armada and India s Shapoorji Pallonji Oil and Gas, has entered into a license agreement to set up, operate and maintain a floating storage and regasification unit (FSRU) in Mumbai harbour for a period of 30 years, Bumi said on May 19.
Under the license agreement, both SP Armada and Port of Mumbai will have 270 days to fulfill the required conditions and finalised the deal. The agreement was signed on May 18. Mumbai-based Shapoorji Pallonji Oil and Gas owns 51% in SP Armada while Manila-listed Bumi Armada holds the remaining 49%.