India, Russia Team Up for Major LNG Project

Spacenet Enterprises India Ltd and Russia’s Modern Fuel Technologies have teamed up to develop Liquefied Natural Gas (LNG) projects in India, emphasizing the retail sector. This new joint venture will see Spacenet holding a 15-25% stake, boosting the company's market value.

The ambitious project will unfold in two phases. Phase 1, spanning FY 2025-27, involves establishing 20 LNG gas stations and fuel retail outlets. Phase 2 aims to expand this network to 180 stations across the country, significantly enhancing India's LNG infrastructure.

Prakash Dasigi, Executive Director of Spacenet, and Aleksander Sorokin, General Director of Modern Fuel Technologies, are enthusiastic about the collaboration. Dasigi emphasized that this partnership is a crucial step towards cleaner energy solutions for India, while Sorokin highlighted their combined expertise in developing advanced LNG solutions.

A key focus of the venture is retrofitting heavy commercial vehicles (HCVs) to use LNG, which will improve energy efficiency and reduce carbon emissions. This aspect underscores the environmental benefits of the project.

Financed by a major Russian bank, this joint venture underscores the commitment of both companies to advance India’s energy, transportation, and economic sectors through cutting-edge LNG technologies and solutions.

News by Rahul Yelligetti