India's Spacenet and Russia's Modern Fuel Tech Unite for LNG Projects

Spacenet Enterprises India Ltd and Modern Fuel Technologies, a leading Russian firm, have launched a joint venture to advance liquefied natural gas (LNG) projects in India. The collaboration aims to develop LNG infrastructure, promoting clean energy solutions. Initial plans include establishing 200 LNG stations nationwide by 2027.

India PR Distribution Hyderabad (Telangana) [India], August 2: Spacenet Enterprises India Ltd, a listed company on NSE (Symbol-SPCNET), and Modern Fuel Technologies, a leading Russian company, announced a joint venture to develop LNG projects in India.

As India rapidly grows, the demand for energy is surging. This rise comes with a shift towards clean energy, driven by high-polluting sectors transitioning to natural gas. The joint venture aims to seize this opportunity by building LNG infrastructure across the nation.

The project is divided into phases. Phase 1 (FY 2025-27) involves the establishment of 20 LNG stations and fuel retail outlets. Phase 2 will expand to 180 stations nationwide.

Executive Director of Spacenet Enterprises, Prakash Dasigi, and General Director of Modern Fuel Technologies, Aleksander Sorokin, shared their enthusiasm for the venture. Dasigi stated, "This partnership is a significant step towards boosting India's LNG infrastructure and promoting cleaner energy." Sorokin added, "Our expertise will drive modern LNG solutions development in India."

The transition to natural gas as an alternative fuel is gaining momentum due to its efficiency and lower emissions compared to traditional fossil fuels. Natural gas is 30-40% more efficient and emits 40% less CO2 than coal and 30% less than oil. LNG plays a pivotal role in the move towards low-carbon hydrogen, essential for a future hydrogen economy.

The project will also focus on retrofitting heavy commercial vehicles (HCVs) to use LNG, enhancing energy efficiency and reducing carbon emissions. According to the Shell LNG Outlook 2024, global LNG demand is anticipated to rise by over 50% by 2040, driven by industrial shifts in China and increased usage in South and Southeast Asia. In 2022, global LNG trade reached 402.8 MMTPA, with India importing 20.79 MMTPA.

This venture underscores the commitment of both companies to advancing energy, transport, and economic sectors through modern LNG technologies. The project, financed by a major Russian bank, gives Spacenet a 15-25% stake, adding considerable value to the company. The collaboration supports India's transition to a sustainable energy future. (ADVERTORIAL DISCLAIMER: The above press release was provided by India PR Distribution. ANI is not responsible for its content.)