Indian Oil Petronas plans Rs 497.83-cr LNG terminal

Indian Oil Petronas Private Limited, a joint venture between Indian Oil Corporation Limited (IOCL) and Petronas Malaysia, is setting up an LPG (liquefied petroleum gas) import-export terminal at the Ennore Port. The new facility will have a tankage capacity of 30,600 tonnes and will attract an investment of around Rs 497.83 crore.

Union minister of state for petroleum and natural gas R P N Singh informed the Lok Sabha that the IOC was proposing to set up an LNG (liquefied natural gas) import terminal at Ennore Port with storage and regasification facilities of 5 million metric tonne per annum capacity at an estimated cost of Rs 4,320 crore.

IOC has entered into a memorandum of understanding and subsequently an HoA (heads of agreement) with the Tamil Nadu Industrial Development Corporation (Tidco) for partnering the project, he said. In addition, the minister said, Indian Oil Petronas was setting up an LPG import-export terminal at Ennore Port and that the construction was in progress.

The LNG terminal is expected to be completed by March 2016, while the LPG terminal is expected to be commissioned by August 2012, subject to clearances from the Coastal Regulatory Zone and the and ministry of environment and forests.