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You are here: Home » National News » Shipping» IOC to get up to 50% in Mundra LNG terminal

IOC to get up to 50% in Mundra LNG terminal

08 August 2017 | New Delhi
 

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The Indian Oil board has given its in-principle approval for acquiring up to 50% equity in GSPL LNG Limited, which is setting up a 5 million tonnes per annum (MMTPA) LNG terminal at Mundra Port in Gujarat.

GSPL LNG Limited is a joint venture of Gujarat State Petroleum Corporation (GSPC) and Adani Enterprises Liited (AEL).

According to officials in Indian Oil, this will be by way of fresh equity that will be issued by the joint venture, as the estimated cost of the project is approximately INR 5,040 crore. Indian Oil is doing preliminary evaluation at present.

The LNG terminal, to be commissioned in the fourth quarter of 2017-2018, will have receipt, storage and re-gasification facilities and will be connected to Gujarat State Petronet Limited’s (GSPL) existing pipelines network at Anjaar (Gujarat).

“We already have investments across the gas value chain, from LNG import terminals to city gas distribution networks, the major among them being a 5-MMTPA LNG import terminal at Kamarajar Port near Chennai, scheduled for commissioning in 2018-19,” said Indian Oil Chairman Sanjiv Singh.

The board also approved expansion of Indian Oil’s Gujarat refinery from 13.7 MMTPA to 18 MMTPA.

An official statement said the project expansion is at an estimated cost of INR 15,034 crore.

   
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