South Asia Gas Enterprise (SAGE), a consortium of companies involved in deepwater pipeline projects, is planning a $5 billion undersea gas pipeline from the Gulf countries to India, according to the report by Financial Express newspaper on Tuesday.
The newspaper cites the SAGE director Subodh Kumar Jain as saying that the technical and financial feasibility of the project has been carried out successfully.
The proposed 2,000-km energy corridor connecting the Middle East and India is expected to save around $849.60 million annually.The pipeline would run through Oman and the United Arab Emirates (UAE) via 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, India's Union Minister for Power and New and Renewable Energy, told Mint, an Indian financial news outlet, that the country plans to link its power grid with the UAE and Saudi Arabia through undersea cables.
He added that, once approved by the cabinet, bilateral agreements will be signed with Saudi Arabia and the UAE for the mega projects.