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Rolls-Royce Share Price Rises 10% After Winning a Contract in India

Updated: 22 Mar 2021

Shares of Rolls-Royce Holdings PLC (LON: RR.) gained over 10% on Tuesday after the company struck a deal with India’s Dharma LNG Terminal.

Under the terms of the deal, the British giant will deliver a 29 MW gas-based power plant for the liquefied natural gas (LNG) terminal. The French energy giant Total holds a 50% stake in Dharma.

The LNG terminal is designed to function as a reception facility for the intake of LNG. Tankers will be able to directly unload their cargo, which will then be converted from the liquid state to gaseous state.

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The new plant will be powered by three 9.6 MW gensets, based on the 20-cylinder Rolls-Royce Bergen B35:40 gas engines. These generating sets are manufactured by the firm’s unit Bergen Engines in Norway.

Construction works to build a LNG terminal started in 2017 and are scheduled to be completed next year.

Dhamra LNG CEO, Mr. S.P.Singh, said: “We are delighted to have a Rolls-Royce company supplying us with the critical power system for our upcoming terminal in Odisha. Rolls-Royce’s selection followed a thoroughly competitive tendering process and we are reassured by their extensive experience in the area of power systems both globally and for Indian LNG terminals.”

 Rolls-Royce stock price trades 10% higher on a new contract in India October 2020

Rolls-Royce share price trades around 10% higher at 135p.

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