 "Indian Oil to go ahead with its Rs 4,320 cr Chennai project")
RS Butola, chairman, Indian Oil Corporation said they were going ahead with the project even if a partner is selected now or later. "Some bids will be out and we will appoint the contractors for the tanks and jetty," he informed at a shareholders' meet of IOCL subsidiary company, Chennai Petroleum Corporation Ltd.
According to a banker, IOC has not been able to find a strategic partner who can bring value to the project. "They are looking for a partner who can source gas globally for the new project and who has experience in operating LNG terminal," said the banker. The company is setting up a five-million tonne a year LNG terminal at Katupalli in Ennore.
The project will involve an investment of Rs 4,320 crore.
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