In a significant development for India’s energy sector, Spacenet Enterprises India Ltd and Modern Fuel Technologies, a Russian company, formed a joint venture to execute liquefied natural gas (LNG) projects nationwide.
As India continues its trajectory as one of the world’s fastest growing economies, poised to become a top-three global economic power in the next 10-15 years, the demand for energy is expected to rise dramatically. The economic surge is accompanied by a notable shift towards clean energy, with high-polluting industries transitioning to natural gas.
The joint venture aims to leverage the trend by developing extensive LNG infrastructure across India. Prakash Dasigi, Executive Director of Spacenet Enterprises, and Aleksander Sorokin, General Director of Modern Fuel Technologies, expressed confidence about the collaboration.
“The partnership marks a significant step in enhancing India’s LNG infrastructure and promoting cleaner energy solutions,” Dasigi stated. Sorokin added, “Our combined expertise will advance the development of modern LNG solutions across various sectors in India”.
The transition to natural gas as an alternative fuel for vehicles is gaining momentum due to its higher efficiency and cleaner emissions compared to traditional fossil fuels. Natural gas is 30-40% more efficient and produces 40% less carbon dioxide (CO2) than coal and 30% less than oil.
As reported by msn.com, in the global pursuit of net-zero emissions, LNG is essential as a feedstock for low-carbon hydrogen, bolstering the emerging hydrogen economy. The project will also focus on retrofitting heavy commercial vehicles (HCVs) to use LNG, enhancing energy efficiency and reducing carbon emissions.
