Sunday, 24 March 2019 | 00:44
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Indian Oil to receive 2nd LNG cargo for new LNG terminal in May – sources

Friday, 15 March 2019 | 16:00

Indian Oil Corp is set to receive a second liquefied natural gas (LNG) cargo for its new Ennore terminal in south India in May, two industry sources said.

The 5 million tonnes per annum (mtpa) import facility at Kamarajar port on the outskirts of Chennai discharged its commissioning cargo more than a week ago, the sources said, with the next due in two months.

It was not immediately clear if the company will issue a tender for the cargo.

State-owned IOC bought a partial LNG cargo for delivery in late February from Swiss trader Gunvor. The commissioning cargo was delivered through the LNG tanker ‘Golar Snow’ from Qatargas.

IOC could not immediately be reached for comment outside business hours. The company said in a statement on March 6 that the terminal had received all necessary clearances to start commissioning.

Ennore is owned by IndianOil LNG, a joint venture of IOC, private equity fund IDFC Alternatives and ICICI Bank, according to IndianOil LNG’s website.

The 51.5 billion rupees ($741 million) terminal is India’s fifth, and the first to be located on the east coast in south India. Currently, there is limited gas infrastructure in Tamil Nadu.

The terminal is expected to spur industrial growth in the area with the re-gasified LNG to be distributed to power generation plants, fertiliser plants and other industrial units.
Source: Reuters (Reporting by Jessica Jaganathan; editing by Richard Pullin)

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