Indian Oil, Gail to take 49% stake in Adani LNG terminal in Odisha
State-owned refiner Indian Oil Corporation (IOC) and gas utility GAIL India Ltd will on Wednesday sign a pact to take 49% stake in Adani Group’s Rs5,000-crore Dhamra LNG project in Odisha. While IOC will take 38%, GAIL will pick 11% and Adani Petroleum Terminal will hold 49% stake in the proposed 5-million tonne a year liquefied natural gas (LNG) import terminal at Dhamra by 2018-19. The remaining 2% interest will be held by financial institutions. Sources said a formal agreement signing ceremony is planned for tomorrow where oil minister DharmendraPradhan, who also hails from Odisha, will After shelving their respective plans, the firms in May last year signed a pact with Dhamra LNG Terminal Pvt, a firm owned by Adani Enterprises. Dhamra will be the sixth LNG project announced on the east coast. While GAIL has dropped plans of a 4-mt project at Paradip, Petronet LNG, a firm in which GAIL and IOC are promoters, has shelved plans to set up a 5-mt a year LNG import facility at Gangavaram in Andhra Pradesh. GAIL, along with GdF and Shell, has proposed a 3.5-mt floating LNG terminal at Kakinada while IOC is building a 5-mt facility at Ennore in Tamil Nadu. Real estate player Hira
