South Asia Gas Enterprise (SAGE), a consortium of companies in deepwater pipeline projects, is planning a $5 billion undersea liquefied natural gas (LNG) pipeline from the Gulf to India.
The consortium has sought help from India’s Ministry of Petroleum to develop the pipeline, Financial Express reported, citing SAGE director Subodh Kumar Jain.
The project’s technical and financial feasibility has been carried out successfully, he said, seeking diplomatic and political support to take it forward.
The proposed 2,000-km energy corridor connecting the Middle East and India will lead to an annual saving of about Rs 70 billion ($849.60 million).
The route will run via Oman and UAE through the Arabian Sea, allowing import from Oman, UAE, Saudi Arabia, Iran, Turkmenistan and Qatar, a region with 2,500 trillion cubic feet of gas reserves.
Last month, Raj Kumar Singh, Indian Union minister for power and new and renewable energy, said the country plans to link its power grid with the UAE and Saudi Arabia through undersea cables.
Once approved by the cabinet, bilateral agreements will be signed with Saudi Arabia and the UAE for the mega projects, he told Mint, an Indian financial news outlet.
SAGE is promoted by the New Delhi-based Siddho Mal Group, in joint venture with a UK-based Deepwater Technology Company, according to its website.