The Indian Oil Board has given its in-principle approval for acquiring up to 50 per cent equity in GSPL LNG Ltd., which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat.
GSPL LNG Ltd. is a joint venture of Gujarat State Petroleum Corporation (GSPC) and Adani Enterprises Ltd (AEL).
The Board also approved expansion of Indian Oil’s Gujarat refinery from 13.7 million tonnes per annum to 18 MMTPA. An official statement said that the project expansion is at an estimated cost of ₹ 15,034 crore.
The LNG terminal, to be commissioned in the fourth quarter of 2017-2018, will have receipt, storage and re-gasification facilities and will be connected to Gujarat State Petronet Ltd. (GSPL) existing pipelines network at Anjaar (Gujarat). The estimated cost of the Mundra LNG Terminal is approximately ₹ 5,040 crore.
Commenting on the same, Indian Oil Chairman Sanjiv Singh said, “We already have investments across the gas value chain, from LNG import terminals to city gas distribution networks, the major among them being a 5-MMTPA LNG import terminal at Kamarajar port near Chennai, scheduled for commissioning in 2018-19.”
Indian Oil has plans to raise the combined capacity of its 11 group refineries from 80.7 MMTPA currently to over 100 MMTPA in the next five years through Brownfield expansions.