Indian Oil gets okay to buy up to 50% stake in GSPL's Mundra LNG terminal

IOC to raise combined capacity of 11 refineries to 100 MMTPA in 5 yrs through brownfield expansions

The board of Indian Oil Corporation (IOC) has given its in-principle approval for acquiring up to 50 per cent equity in GSPL LNG Ltd, a joint venture of Gujarat State Petroleum Corporation (GSPC) and Adani Enterprises Ltd.

GSPL LNG is setting up a 5-million-tonnes-per-annum (mtpa) liquefied natural gas terminal at Mundra Port in Gujarat at an investment of Rs 5,040 crore.
 

"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-mtpa LNG import terminal at Kamarajar port near Chennai, scheduled for commissioning in 2018-19," said Sanjiv Singh, chairman of IOC.
 

The board has also given clearance for the expansion of the company's Gujarat refinery from the existing 13.7 to 18 mtpa capacity at an estimated cost of Rs 15,034 crore.
 

The project to augment the Refinery's capacity by 4.3 mtpa will help meet the growing demand for products in the region.

Indian Oil is planning to raise the combined capacity of its 11 group refineries from 80.7 mtpa currently to over 100 mtpa in the next five years through brownfield expansions.

IOC is also working on a 60-mtpa integrated refinery-cum-petrochemicals project on the west coast jointly with other oil marketing companies. IndianOil is also working to convert its refineries to produce superior BS-VI quality fuel by April 2020.
 

The LNG Terminal, to be commissioned in the fourth quarter of 2017-18, will have receipt, storage and re-gassification facilities for LNG and will be connected to Gujarat State Petronet Ltd. (GSPL) existing pipelines network at Anjaar (Gujarat).