Petronas Joins IOC in LNG and LPG Terminals at Ennore Port on India's East Coast

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Indian Oil Corporation (BSE:530965) (IOC) (Mumbai) is planning to build a 1 million-ton-per-year liquefied natural gas (LNG) import terminal at Ennore port on India's eastern Coramandel coast. The 5 million-ton-per-year terminal will have storage and regasification facilities and a liquid petroleum gas (LPG) terminal, which is scheduled to be commissioned in August this year. The LNG terminal is scheduled for completion by March 2016. The estimated cost of the project is $785 million.

IOC has entered into a memorandum of understanding and has signed a heads of agreement with Tamil Nadu Industrial Development Corporation (TIDCO) as partners in the project. Indian Oil Petronas, a joint venture company between IOC and state-owned Petronas Malaysia (Kuala Lumpur), is setting up the $90 million LPG import/export terminal with a tankage capacity of 30,600 tons. The LPG terminal's completion will be subject to clearance from the coastal regulatory zone and the Ministry of Environment and Forests.

India's state-run oil marketing companies are planning to invest more than $640 million to boost LPG storage and bottling facilities during the 12th Five-Year Plan period (2012-17) in order to meet future demand, said R.P.N. Singh, the Minister of State for Petroleum and Natural Gas. The companies plan to add more than 142,000 tons of LPG storage during the period.

For related information, see March 2, 2012, article - Indian Oil Corporation to Fund New LNG Terminal as Ennore Develops Range of Handling Capacity.

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