Indian Oil Corporation said in a filing that the company has yet to begin work on its proposed Ennore LNG terminal.
In a response to media reports that it will form a JV for the project within a month, IOC said that the Board of the company approved the 5 mtpa LNG project in Ennore with the cost estimated at Rs. 5150 crore.
IOC confirmed that the project would be implemented through a Joint Venture company in which IndianOil would hold a 45% stake. 5% would be held by Tamil Nadu government enterprise while the remaining 50% would be held by financial institutions.
The company stressed in its filing that the project related activities are yet to commence.
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LNG World News Staff; Image: Ennore Port