IOC to set up import LNG terminal at Ennore Port
Indian Oil Corporation Limited (IOC) has proposed to set up an import terminal for liquefied natural gas (LNG) at Ennore Port, with storage and regasification facilities of 5 Million Metric Tonnes Per Annum (MMTPA) capacity, Daily Shipping Times reported.
The project is estimated to cost INR 4,320 crore and the LPG terminal is expected to be commissioned by August 2012, said Minister of state for petroleum and natural gas Mr. RPN Singh informed.
IOC, the Minister said, has entered into a memorandum of understanding and has since signed heads of agreement (HoA) with the Tamil Nadu Industrial Development Corporation (TIDCO) for partnering in the project.
In addition, the Minister said, Indian Oil Petronas Private Limited, a joint venture company of Indian Oil Corporation Limited and Petronas Malaysia is setting up an LPG import/export terminal at Ennore Port with a tankage capacity of 30,600 metric tonnes and the construction is in progress.The estimated cost of the project is about INR 497.83 crore.
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 clearance from coastal regulatory zone (CRZ) and Ministry of environment and forests, he said.
State-run oil marketing companies are planning to invest over INR 3,516 crore to augment LPG storage and bottling facilities during the 12th Plan period, in order to meet the future demand of LPG, Mr. Singh said.