IOC in discussion to acquire GPSC’s stake in Mundra LNG import terminal

Indian Oil Corporation (IOC) is in discussion to buy debt-laden Gujarat State Petroleum Corporation’s (GPSC) stake in the under-construction Rs 4,500 crore Mundra LNG import terminal in Gujarat.

GSPC is looking to exit the five million tonnes a year terminal project, which is likely to be completed by 2017. It has offered its 50 percent stake in the terminal to IOC. IOC, the country’s largest oil company, wants the state government entity to remain as a part of the project for smooth operations.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.