Foresight Group is expanding into development of Ports
London based Foresight Group- Shipping to Oil drilling conglomerate, along with its consortium partners Mumbai based Padmanabh Mafatlal Group and Royal Boskalis Westminster-Netherlands have got approval for the development and operation of Port for CNG and other terminals at New Port Bhavnagar, Gujarat, India.
17th September 2020
Foresight Group, London based Dr. Ravi K Mehrotra’s Shipping to Oil drilling business conglomerate, today announced that they have received an approval in the form of Letter of Intent from the State Government of Gujarat, India for the development of CNG Port Terminal and other Terminals at New Port Bhavnagar, Gujarat, India with rights to build and operate the port for 30+20 years.
Foresight Group as the ‘Lead Developer’ along with Padmanabh Mafatlal Group, a Mumbai & Gujarat based successful family business conglomerate involved in specialist Chemicals business for more than 100 years in Gujarat and Royal Boskalis Westminster, The Netherlands based Marine Experts will jointly develop Bhavnagar Port and set-up the world’s first CNG Terminal and CNG supply value chain aimed at India’s long term energy demand.
With a favourable investment scenario and ever-increasing demand of natural gas in India as well as the potential to tap nearby accessible stranded offshore gas fields in the Gulf region, Foresight Group has envisioned to enter into the CNG Value Chain Business. The group will invest in the development of CNG Export Terminal for compression and loading in the Gulf region, build a CNG carrier for transportation and an Import Terminal in the western region of India for CNG unloading, decompression and distribution.
Foresight Group’s shipping division is in advance stage of discussion with the CNG ship designer and classification society to build an optimised CNG Vessel with an over all objective to deliver the natural gas at competitive price to India. The Group has already executed an MoU with natural gas producing company for supply of CNG and development of a CNG Export Terminal from Gulf region.
Apart from the CNG Terminal, the consortium will develop an all weather 24/7 operation port capable to handle 12000+ DWT vessel, which includes dedicated terminals for other cargoes such as liquid/POL/chemicals, roll-on and roll-off (Ro-Ro), coastal and general cargo. The complete Port development project will be executed in two phases and in phase 1 (expected to be completed by 2025) the port will have throughput capacity of 10 MTPA and overall by 2030 once 2 phase is completed the total throughput capacity will be doubled to 20 MTPA.
The total investment envisaged in the Bhavnagar Port development will be USD 500 million including the CNG Shipping & Terminal in Gulf region.