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Indian Oil looking for a strategic investor for Ennore terminal

BS Reporter  |  Chennai 

Indian Oil Corporation is looking to rope in a strategic investor for its proposed Rs 10,000 crore project at Ennore in Tamil Nadu. “Money is not a major problem for us, it's the technology and the partner should bring in synergy,” said BM Bansal, chairman of IOC, who was here to the annual general meeting of Chennai Petroleum Corporation Limited.

He added that the detailed feasibility report on the project would be ready by November or December. The Ennore complex, which is expected to spawn a grid of gas pipelines across Tamil Nadu and other southern states, would be commissioned by 2014-2015.

The oil PSU has also signed a memorandum of understanding (MoU) with Tamil Nadu government to set up a 2.5 mtpa liquified natural gas (LNG) terminal and a power plant in the state.

Under the MoU, IOC and Tamil Nadu Industrial Development Corporation (Tidco) will jointly set up the LNG import and re-gasification terminal including marine facilities, LNG-based power plants, gas grid in Tamil Nadu, in addition to participating in city-gas distribution business in the state.

First Published: Thu, September 09 2010. 00:37 IST