Krishnapatnam Port Company Limited has signed an MoU with Petrogas Private Limited and the Andhra Pradesh government for setting up a liquefied natural gas (LNG) regasification terminal in the state. Petrogas plans to invest Rs 30 billion in the project. The MoU was signed in the presence of Nara Chandrababu Naidu, chief minister of Andhra Pradesh. The LNG terminal will use a state-of-the-art floating storage and regasification unit with a minimum capacity of 5 million tonnes per annum (mtpa), which will be doubled to 10 mtpa over the next three years. Commercial operations will commence within three years.