Indian Oil to own 45% Stake in Tamil Nadu LNG terminal.

Indian Oil Corp will hold a 45% stake in a planned LNG import station in Ennore, Tamil Nadu. Currently, 50% will be held temporarily by ICIC (hope this is not supposed to be ICICI) and IDFC until a strategic LNG partner can be found. The balance 5% will be held by the state-owned organization, namely TIDCO http://www.tidco.com/. The project is estimated to be completed by 2019. A joint venture company will be incorporated for this specific project.

Ennore will be the third LNG terminal on the east coast with state-owned GAIL India Ltd building a facility at Kakinada in Andhra Pradesh and Petronet LNG Ltd proposing a 5 million tons facility at Gangavaram in Andhra Pradesh.

India currently has four LNG import terminals, all on the west coast — Dahej and Hazira in Gujarat, Dabhol in Maharashtra and Kochi in Kerala.

LNG is a gas that is cooled down to liquid form and takes up just 1/600th of the volume in its gaseous state.

Read the full story here:
http://goo.gl/4pwt7Z

Courtesy of economictimes.indiatimes.com

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