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IOC to commence work on its 1st LNG terminal by end of 2013

By Religare

IOC to commence work on its 1st LNG terminal by end of 2013
State-owned Indian Oil Corporation will start work on first liquefied natural gas (LNG) plant at Ennore in the east coast by the end of this year, amid the gradual rise in local acceptance of the costly imported fuel.

State refiners IOC, Hindustan Petroleum Corp and Bharat Petroleum Corp, also major gas users, have all unveiled plans to build LNG plants as local gas output falls, which will increase the share of the costly imported fuel in India's energy mix.

IOC, India's biggest retailer of fuel for transport and industrial uses accounting for half of demand, aims to supply clients who want to replace fuel oil and naphtha with gas, R. S. Butola told in the media report.

According to the government estimates, India's gas demand will rise to 466 million cubic metres a day (mcmd) in 2016/17 from 286 mcmd in 2012/2013, according to the government estimates, while its supply will be only half that.

Moreover, it has also signed an initial deal with Dhamra Port Ltd to build a 5 million tonne/year LNG plant in eastern Orissa state.

Dion Global Solutions Ltd.

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