Indian Oil and Gail to get stake in Adani LNG terminal
(Reuters) India's biggest refiner Indian Oil Corp. and gas transporter Gail (India) Ltd. will purchase a stake in an LNG terminal being built in the eastern state of Odisha.
The two companies will sign an agreement with coal trader Adani Enterprises Ltd., which will be building the five MMt LNG regasification terminal, Indian Oil said in a statement.
The statement did not specify what stake Indian Oil and Gail would be taking though company officials have previously indicated that they might buy 49% of the terminal.
Factories and vehicles are expected to need more and more natural gas in coming years and Indian Oil has been aggressively booking capacities in LNG terminals across the country.
The company, which is setting up its own 5 MMt terminal in the east coast, wants its gas trading business to contribute 15% of revenues by 2021.
Reporting by Promit Mukherjee; editing by David Clarke
- ExxonMobil halts 1-Bft3d blue hydrogen project in Texas
- Aramco and Yokogawa commission multiple autonomous control AI agents at Fadhili gas plant
- Ukraine will resume gas imports via Transbalkan route in November
- Mitsubishi to inject $260 MM into Brunei LNG project
- Freeport LNG (U.S.) on track to take in more natgas on Thursday after unit outage
Comments