The UAE is planning to build a US$316 million (AED 1.159 billion) liquefied natural gas (LNG) terminal in the state of Gujarat in India.
Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan has reviewed the plan by National Marine Dredging Company (NMDC) to develop the terminal, state news agency WAM reported.
Chairman of the National Marine Dredging Company, Mohamed Thani Murshed Al Rumaithi, gave a brief overview of the project, which will be built as per the best international standards of maritime engineering.
The project, scheduled to be completed in 2019, will be designed and built in partnership with Indian company Swan Energy, the report said.
The Gujarat LNG terminal project is part of the company s strategy to enter the international market by taking on external projects, Al Rumaithi added.
Sheikh Mohamed bin Zayed praised UAE’s national organisations and institutions with an international reputation for investing in projects and initiatives around the world.
The project comes as the UAE and India plan to increase bilateral trade by 60 per cent over the next five years.
The two countries will conduct studies to come up with action plans by the middle of 2017 to ensure a boost to trade by 2022.