BUSINESS

Reliance, IOC, ONGC among bidders to buy stake in Gujarat terminal

Automobile, Viewed [ 23 ] , Rating :
     
Star Live 24, Star Live 24
Friday, August 09, 2013
Published On: 15:13:52 PM

Reliance Industries-BP combine, Indian Oil Corp (IOC), Oil and Natural Gas Corp (ONGC) and GAIL are among the 8 firms in race to buy 25 per cent stake in a LNG import terminal being planned at Mundra in Gujarat.

Reliance-BP have bid for the 25 per cent stake through their equal joint venture India Gas Solutions.

Gujarat State Petroleum Corp (GSPC) had invited expression of interest for the 25 per cent stake in the 5 million tonnes a year liquefied natural gas (LNG) terminal.

Besides Reliance-BP, other firms expressing interest include state-owned ONGC, GAIL and IOC, Petronet LNG Ltd and Torrent Energy, industry sources said.

Japan’s Mitsui & Co and Toyota Tsusho Corporation too are in fray.

GSPC, a Gujarat company, would hold 50 per cent stake in the Rs 5,200 crore project while Adani Group would take 25 per cent.

The project is to be financed in a debt to equity ratio of 70:30.

The terminal capacity would be expandable upto 10 million tonnes per annum.

Sources said most of the companies that have expressed interest, want to import their own liquid gas (LNG) and sell it to consumers in the vastly energy deficit country.

GSPC has been scouting for a strategic investor for its LNG project, after Essar group — the third partner with a 25 per cent stake in the venture — exited from the terminal.

The LNG terminal will have two LNG storage tanks. It will have LNG receiving, re-gasification and gas evacuation facilities.

GSPC has awarded the front-end engineering and design (FEED) contract to Tractebel of Belgium.

Mundra will be the third LNG import terminal in Gujarat, after Petronet’ 10 million tonnes per annum capacity facility at Dahej and Shell’s 3.6 million tonnes Hazira LNG terminal.

The terminal is expected to go on stream by first quarter of 2016, sources said.

Gujarat is mulling another LNG terminal at Pipavav of 2.5 to 5 million tonnes capacity.

Courtesy : The Hindu

Other Videos


Vizianagaram peaceful; curfew relaxed for 14 hrs

Vizianagaram peaceful; curfew relaxed for 14 hrs

Joshi booed out of Sena Dussehra rally

Joshi booed out of Sena Dussehra rally

ASI seeks MEA nod to repair Pashupatinath

ASI seeks MEA nod to repair Pashupatinath

Censor Board should certify film songs' lyrics: Panel

Censor Board should certify film songs' lyrics: Panel

Muslim pilgrims throng Mina as annual hajj begins

Muslim pilgrims throng Mina as annual hajj begins

National tennis from today

National tennis from today

Advani and Mehta lead Indian challenge

Advani and Mehta lead Indian challenge

Gazi grabs a hat-trick in drawn Test

Gazi grabs a hat-trick in drawn Test




 Comment Note: By posting your comments in our website means you agree to the terms and conditions of www.StarLive24.tv
More From This Section
  • Kyndal Group To Set Up Project In Scotla..
  • Baring Private Equity Completes Hexaware..
  • Material Wastage Plagues Industry: Exper..
  • Indian Drug Cos Need To Shape Up As US F..
  • Handicraft Exports Target May Be Achieve..
  • Fiis Pull Out $1.2 Billion From Debt Mar..
  • Eight Of Top 10 Companies Add Rs 57,934 ..
  • Idea Cellular Gets Unified Licence For S..
  • TRAI Finds 87% Dip In Complaints For Wro..
  • ONGC Videsh Wins Two Oil Blocks In Myanm..
  • RIL Thrashes Expert Report On KG-D6 Outp..
  • Big Banking Sector Reforms Coming Soon: ..
  • Sharma Rules Out Easing Sourcing Norms I..
  • Panel For Entrusting The Task Of Solaris..
  • Ministry Admits RIL Flouted Terms But St..


Related Search
  • Automobile
  • Economy
  • Interview
  • Markets


> >

1/4

Most Viewed