New Delhi [India], November 2 (ANI): The US-India Strategic Partnership Forum (USISPF) has welcomed the US Department of Transportation's Maritime Administration (MARAD) approval of the deepwater port licence application for its member company ST LNG, led by Indian-American entrepreneur Sharad Tak, for its proposed USD 8.2 billion liquefied natural gas (LNG) export project offshore Texas.
Announced on October 28 by US Transportation Secretary Sean P. Duffy, the approval advances the proposed facility located approximately 10.4 miles offshore Matagorda, Texas, which is planned to have an annual export capacity of 8.4 million metric tonnes of LNG.
According to the US Department of Transportation, the project could increase the country's LNG export capacity by 7-9 per cent and is expected to support approximately 2,000 construction jobs and up to 855 permanent jobs.
At full capacity, the facility will comprise four floating liquefaction systems of 2.1 million tonnes per annum each, four floating LNG storage units, four vessel mooring systems and 20 offshore platforms. It will be connected to existing infrastructure through approximately 7.7 miles of pipeline.
Feed gas will be sourced from the Tres Palacios Natural Gas Storage and Trading Hub and the Williams Markham Gas Processing Plant through the Transco pipeline system. Construction is expected to begin in 2027, with operations targeted for 2029.
USISPF President and CEO Dr Mukesh Aghi said energy remained one of the cornerstones of the US-India strategic partnership, with the United States being the world's largest LNG exporter and India among the world's largest LNG importers.
"As India seeks to diversify its energy supplies and strengthen energy security, projects such as this led by ST LNG can create new opportunities for long-term LNG trade between our two countries," Aghi said.
ST LNG Founder and CEO Sharad Tak said the project involved approximately USD 8.2 billion in planned investment and would contribute to American energy security, strengthen the maritime industry and create economic opportunities along the Texas Gulf Coast.
The US Department of Transportation also said MARAD completed the project's Final Environmental Impact Statement in 410 days, describing it as the fastest deepwater port licence review in more than two decades.
USISPF said it remained committed to strengthening bilateral energy cooperation and supporting investments and long-term commercial partnerships between the two countries. (ANI)
USISPF welcomes ST LNG approval as milestone for US-India energy cooperation
