Singapore-based IEV Holdings Limited announced Thursday that its wholly-owned subsidiary IEV Energy Sdn Bhd has entered into a binding Memorandum of Understanding (MOU) with a consortium comprising Timah Langat Holdings Berhad and Emrail Sdn Bhd (TL-Emrail Consortium), the firm said in a filing with Singapore Exchange.
Under the terms of the MOU, IEV Energy and TL-Emrail Consortium will initiate and conduct a feasibility study to review the prospects of cooperating and undertaking projects to process, transport and market liquefied natural gas (LNG) to industrial and vehicular sectors in Tamil Nadu, India.
IEV Energy’s scope is limited to the market study and throughput services -- processing and transportation. TL-Emrail Consortium will conduct the feasibility study for the LNG complex and floating storage regasification unit as well as prepare the necessary permits, licenses, and approvals from the Government of Tamil Nadu.
Under the MOU, both parties will negotiate a throughput agreement, cooperation agreement, and/or other contractual arrangements if the feasibility study indicate that the LNG projects are viable.
The MOU, valid for 12 months with option to extend through a written notice between the parties, will be valid as long as the cooperation between TL-Emrail Consortium and the Government of Tamil Nadu remains in place.
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