Chennai, Nov 8 (IANS): Overseas firm NGC Energy India is putting up a Rs 400-crore 30,000 ton liquified petroleum gas (LPG) import and storage terminal at Krishnapatnam Port in Andhra Pradesh, a senior group official said on Friday.

NGC Energy is a 60:40 joint venture between the Oman-based National Gas Company (NGC) and the Singapor-based Petredec India Pte Ltd, National Gas Company CEO Nalin Chandna told media here.

According to him, the refrigerated LPG import and storage terminal has a storage capacity of 30,000 tons and a throughput capacity of 1.4 million tons per annum for servicing the public and private sector companies in the hinterland.

Chandna said India is the second largest LPG market and the group is enthused by the ruling BJP government's initiatives regarding this sector.

"The terminal will be ready in 2021. Orders for civil construction will soon be given. Similarly, orders for long delivery items will also be awarded," he added.

According to Sanjeev Kumar Sinha, Chief Operating Officer of NGC, a public sector oil major will be using the terminal so as to meet the LPG demands in Andhra Pradesh and Telangana.

On the choice of the Krishnapatam Port, Sinha said the port tops in the ship turnaround time and has a deep draft.