The Indian arm of the Fox Petroleum Group of Companies, one of the leading companies in the oil and gas sector, power generation and distribution, has signed a Memorandum of Understanding with The Government of Karnataka.
Through the MoU, the company proposes to set up floating storage regasification unit (FSRU) with storage capacity plant of LNG, in Karnataka with an investment of Rs 7,000 crore as well as create 3000 new jobs with a guarantee to hire 90% local youths.
The project will be developed in Karawar District of Karnataka, with the FSRU LNG Terminal offshore to process 1 billion cubic feet (bcf) of gas per day and a storage capacity of 330,000 m3 of LNG Onshore and same capacity offshore to cater to the energy needs of Karnataka.
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