IOC to Buy Up to 50% in Mundra LNG Terminal
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.