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Saturday, Sep 04, 2004

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IBP bets on moving LNG by road

Archana Chaudhary
Vinod Mathew

Mumbai , Sept. 3

IBP Ltd plans a "side-door" entry into the LNG supply business. The oil company plans to invest Rs 15 crore in buying cryogenic containers costing Rs 30 lakh each for a pilot project to supply LNG to remote areas of Gujarat not connected by gas pipelines.

"We believe transporting LNG by road will be big business. We will initially buy 20-tonne containers from the US company, Chart Industries, which will move LNG just like LPG tankers do today," Dr N.G. Kannan, IBP's Managing Director, said. Dr Kannan said IBP's parent company Indian Oil has approved Rs 15 crore, to be used in two phases. The company will begin supplies to Dahej in Gujarat by January 2005.

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