IOC to Buy Up to 50% in Mun­dra LNG Ter­mi­nal

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

New Delhi: In­dian Oil Cor­po­ra­tion has de­cided to buy up to 50% stake in a .₹ 5,000-crore liq­ue­fied nat­u­ral gas ter­mi­nal be­ing jointly set up by Adani En­ter­prises and Gu­jarat State Petroleum Cor­po­ra­tion at Mun­dra in Gu­jarat.

The com­pany said in a state­ment that its board has ap­proved tak­ing up eq­uity in the 5 mil­lion tonnes LNG ter­mi­nal ex­pected to be com­mis­sioned by March. The ter­mi­nal will be con­nected to the ex­ist­ing pipe­line net­work of Gu­jarat State Petronet, a unit of Gu­jarat State Petroleum Cor­po­ra­tion, at An­jaar in Gu­jarat.

Last year, IOC had agreed to buy stake in an­other LNG ter­mi­nal be­ing de­vel­oped by Adani En­ter- prises at Dhamra in Odisha.

“As the sec­ond largest player in nat­u­ral gas in the coun­try, In­dian Oil is making sig­nif­i­cant in­vest­ments in nat­u­ral gas in­fra­struc­tures and mar­ket­ing in line with the coun­try’s chang­ing en­ergy mix,” the com­pany said. IOC chair­man San­jiv Singh said in the state­ment, “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-mil­lion met­ric tonnes per an­num LNG im­port ter­mi­nal at Ka­ma­ra­jar port near Chennai, sched­uled for com­mis­sion­ing in 2018-19.”

The IOC board also ap­proved ca­pac­ity ex­pan­sion of its Gu­jarat re­fin­ery from 13.7 mil­lion tonnes to 18 mil­lion tonnes per an­num.

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