IndianOil in talks with Dhamra port for LNG terminal

Indian Oil Corporation Ltd. | Refineries | Oil & Gas | BSE: 530965 | NSE: IOC

15 Dec 2011 Evaluate

State-owned Indian Oil Corp (IOC) is in talkswith L&T-Tata Steel-owned Dhamra Port Co Ltd for setting up 5 million tonsa year LNG terminal in Orissa. The LNG import and regassificiation facility atDhamra port will be besides the Rs 4,320 crore terminal IOC is planning to setup at Ennore in Tamil Nadu.

Thecompany is looking at the possibility of setting up a LNG import facility atDhamra port to meet gas demand in Orissa and West Bengal. Company’s refineriesat Paradip (in Orissa) and Haldia (in West Bengal) alone need 2.5 million tonsof LNG. Situatedbetween Haldia and Paradip, the port at Dhamra will be one of the deepest portsof India with a depth of 18 meters, which can accommodate super cape-sizevessels up to 180,000 DWT. Dhamra Port Co Ltd, a 50:50 joint venture of L&Tand Tata Steel, has been awarded a concession by Government of Orissa to buildand operate the port.

IOC has begun work on the proposed LNG importfacility at Ennore. IOC had in 2007 put on hold the 2.5 million tonnes a yearLNG import-cum-regassification terminal after huge gas finds off the east coastmade the project economically unviable. But the output from Krishna Godavaribasin fields falling short of the target, LNG imports are being talked as analternative to meet the demand. IOC and its subsidiary Chennai Petroleum CorpLtd (CPCL) would be the lead promoters of the Ennore project.

Interestingly, Petronet LNG Ltd, the nation'slargest liquefied natural gas importer, too is looking at setting up a LNGimport terminal on the east. Petronet, which is expanding its currentlyoperational Dahej terminal in Gujarat to 15 million tons from 10 million and issetting up a 5 million tons facility at Kochi in Kerala by 2013, is looking atsites in Orissa and Andhra Pradesh for its third terminal. IOC is an equalpromoter of Petronet along with GAIL India, Oil and Natural Gas Corp and BharatPetroleum Corp.

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