Indian Oil Corporation to set LNG Terminal
Indian Oil Corporation (IOC), the country’s largest refiner and fuel retailer, is all set to invest around Rs 45,000 crore ($7.5 billion) over three years to build petrochemicals plants and LNG terminal.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
IOC's first liquefied natural gas (LNG) import terminal and also the first one on the east coast at Kamarajar Port will become operational by the third quarter of 2017 or early 2018.
The five million-tonne LNG terminal with storage and re-gasification facilities at Ennore is developed jointly by IOC and Tamil Nadu Industrial Development Corporation. IOC has 45 per cent stake and the latter five per cent.
"It will be the first LNG Import terminal to be located on the East Coast of India... It will play a major role when the terminal is in place," the company sources said.
IOC is in the final stages of taking over land and forming a joint venture for the LNG terminal project. Many companies from across the world had shown interest, say company sources.
IOC has tied up to source 1.9 million tonnes of natural gas, including 1.2 million tonnes from British Columbia province, Canada and 0.7 million tonnes from the Cameron project in the US. It may be noted that IOC has taken up a 10 per cent stake with an investment of $4 billion in the Canada project and its share is 1.2 million tonnes from this plant.
