Project Summary
INOX India Ltd, in a big breakthrough, announced on 11 Nov 2024 that the company has secured its largest contract so far. The company would design, engineer and supply a mini LNG terminal for a power plant project commissioned by Island Power Producers Ltd (IPP) at Arawak Cay, next to the Nassau Cruise Port in the Bahamas.
Project Information
The scope includes ten vacuum-insulated cryogenic storage tanks with a capacity of 1,500 cubic meters and a comprehensive regasification system. With a total storage capacity of 15,000 cubic meters, this facility will become the largest installation in the world for shop-built, double-walled vacuum-insulated cryogenic tanks. This is a giant leap in the quest to generate sustainable energy while distributing liquefied natural gas in far-flung regions.
Benefits and Innovations
Siddharth Jain, Promoter and Non-Executive Director of INOX India Ltd, said that this modular type construction will result in absolutely minimal site activity and thus facilitate faster implementation of the project. Most of the equipment for the terminal will be manufactured at INOX's facility at Kandla under the 'Make in India' initiative of the Indian Government. This is the third mini LNG terminal being implemented by INOXCVA but is very crucial because it would be the first of its kind installation in the Caribbean region.
Relevance in Strategy
The terminal design really facilitates LNG supply through small boats and ISO containers, thus making LNG readily available for the various energy needs in The Bahamas. According to Chris Satterfield, Director at IPP, "The facility will be a low-carbon, low-cost hub for the region, and it not only speaks to INOXCVA's efforts to secure LNG-based power supply but also towards sustainable supply.
This is due to a surge in the demand for LNG-based energy solutions globally, particularly in island and remote regions. As a result, INOX India shares increased by 0.67% to ₹1,191.15. The stock has also increased significantly by a very high 35.6% for this year.
Major Achievement
Put up, it is a major achievement for the Indian group, INOX India, which has marks a step into an energy-efficient future in the Caribbean region. SEO Headline: INOX India bags key tender for mini LNG terminal in The Bahamas.
With inputs from agencies
Image Source: Multiple agencies
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