The Indian Oil Corporation (IOC) is in its final stages of forming a joint venture and taking over land for the liquefied natural gas (LNG) terminal project at Ennore, near Chennai. It is expected that the joint venture will be formed within a month. This will be the first LNG terminal on the eastern coast and is projected to be completed by end 2017. The total cost has been revised to Rs 5,150 crore. IOC is in search of partners who can add value to the project by sourcing of gas or shipping. The company has tied up to source 1.9 million tonne of natural gas, including 1.2 million tonne from British Columbia province, Canada, and 0.7 million tonne from the Cameron project in the US.
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