IOC signing up strategic partners for Ennore LNG

Indian Oil Corporation is looking to sign up financial companies IDFC and ICICI as strategic partners for its proposed LNG terminal at Ennore.

According to sources close to the matter, the IOC board will soon have the issue of signing the two companies as strategic partners on its table. The JV company is formed and it is only left for the exact stakes for each partner to be finalized, Financial Express reports.

It is certain that India’s PSU will have the 50% stake in the Rs 5,151 crore project with other shareholders dividing the rest.

Other sources revealed that the IOC is also in talks with Russia’s Gazprom for the import of close to 2.5 mtpa of LNG on a long-term deal. The company will also offer equity participation as a part of the deal.

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LNG World News Staff; Image: Ennore Port