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.