OIL & GAS

Foresight Group eyeing Shipping Corporation of India for its LNG business

In a bid to help strengthen the country’s gas infrastructure, London-based shipping firm Foresight Group is eyeing Shipping Corporation of India (SCI), to make it a leading liquefied natural gas (LNG) carrier in the world.

“With India having set target to increase its gas contribution in the energy basket, we see SCI playing a major role due to its strong presence in the tanker segment. It is this segment where we see strong business potential,” Ravi Kumar Mehrotra, founder, promoter and executive chairman at Foresight Group International Limited told Business Standard.

Foresight Group, in a consortium with Belgium-based Exmar NV and Dubai-based GMS, is one of the preliminary bidders for the national carrier as the government is looking to privatise SCI by selling 63.75 percent stake in the latter.

Natural gas currently makes up for 6.2 per cent of all energy consumed in the country. To cut dependence on polluting coal and liquid fuels, the government is targeting its share to rise to 15 per cent by 2030.

“To go to 15 percent share of gas in energy basket, SCI would need another 100 LNG carriers in addition to the already existing tanker fleet it has. We will be moving in this direction to reach the target set by the country,” Mehrotra added.

With a fleet size of 60 vessels, SCI has presence in container vessels, crude oil tankers, dry bulk carriers, LPG / ammonia carrier, multipurpose vessels, offshore supply vessels and product tankers.

Source
business standard
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