Crown LNG And India Gas Exchange Announced MOU For LNG Sales At Planned Kakinada Import Terminal, Enhancing India's Energy Sector; Non-Binding Agreement Aims To Boost 15% Gas-Based Economy By 2030

Author: Benzinga Newsdesk | February 18, 2025 09:08am

Crown LNG Holdings Limited (NASDAQ:CGBS) ("Crown" or "Crown LNG"), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, announced today the execution of a Memorandum of Understanding (MOU) with the India Gas Exchange Ltd. ("IGX"), India's first automated national level trading platform. The MOU outlines how Crown and IGX plan to cooperate on liquefied natural gas ("LNG") sales to pipeline customers downstream from Crown's planned LNG import terminal in Kakinada, India.

The signing ceremony on the sidelines of India Energy Week 2025 in New Delhi included Swapan Kataria, CEO of Crown LNG, and Rajesh Kumar Mediratta, Managing Director & CEO of IGX, and was witnessed by The Honorable Member of Parliament from Kakinada Shri Tangella Uday Srinivas, an advocate for building infrastructure to empower millions of households and to improve the development of new industries in Andhra Pradesh, including data centers requiring uninterrupted 24/7 power supply.

The non-binding MOU provides a framework for LNG cargoes traveling through Crown's regasification terminal to be listed, marketed, and sold on the IGX. Under the agreement, IGX will drive market awareness through workshops and industry engagement initiatives, encouraging wider participation in gas trading. Crown LNG will collaborate closely with IGX on LNG cargo arrivals and sales, ensuring a stable and efficient supply chain. Together, they aim to unlock new opportunities in India's energy sector and reinforce the role of natural gas as a key driver of sustainable economic growth. Both organizations will explore further areas of cooperation to accelerate India's 15% gas-based economy target by 2030, as envisioned by Prime Minister Narendra Modi.

Posted In: CGBS