In order to truck the liquefied natural gas (LNG) to industry, Ultra Gas and Energy (UGE) intends to build 300 LNG storage facilities around the nation.
According to Mukundan Iyer, CEO of UGE, each storage facility and the cryogenic vehicles connected to it would cost between $12 and $15 billion, requiring an investment of around $4,500 billion over the following three to four years.
The firm, which was founded in 2020 by a number of NRI investors and certain funds, sees a future in delivering gas to industrial clients, particularly micro, small, and medium-sized companies MSMEs (MSMEs).
Iyer claims that the piped gas approach is ineffective since not every customer’s doorstep can be reached by a pipeline, particularly if their consumption is little.
