Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
20 July, 2018 06:15 IST
Adani Ports signs long term regasification pact with Indian Oil Corp
Source: IRIS | 17 Apr, 2018, 09.47AM
Comments  |  Post Comment

Adani Ports and Special Economic Zone (APSEZ), India's leading port infrastructure developer and part of the Adani Group, said it had signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha.

As per the contract, IOC (Q,N,C,F)* has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal.

''We are pleased to partner with Indian Oil by signing this long term agreement. India lacks adequate LNG import infrastructure at present and I am confident that this project will play a key enabling role for increasing gas consumption in that part of the country. In fact, the terminal will play a strategic role in gas supply to Bangladesh and Myanmar as well,'' said Karan Adani, CEO, APSEZ.

The foundation stone of the project was laid on July'17 and construction has commenced by Larsen & Toubro, a leading infrastructure firm, winning the contract to set up the tankages for gas storage. The terminal is expected to be commissioned during the second half of 2021.

The proposed Dhamra LNG import terminal is designed for an initial capacity of 5 MTPA, expandable up to 10 MTPA. Initially, it will have two full containment type tanks of 180,000 m3 capacity each. It will be first of its kind in India and second LNG terminal on the east coast after IOC’s Ennore terminal in Tamilnadu.

It will have a jetty capable of handling a wide range of LNG supply vessels, including the largest Q-max fleet from Qatar. The terminal will be capable of reloading LNG to service proximate markets via the marine route and will also have truck loading gantries to help grow the nascent but exciting LNG by truck market.

Shares of the company gained Rs 8.45, or 2.21%, to trade at Rs 390.40. The total volume of shares traded was 35,517 at the BSE (9.31 a.m., Tuesday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Yes Bank partners with 10 smart cities to tackle development challenges - 19-Jul-2018 17:36
Govt to infuse capital worth Rs 17.9 bn in Allahabad Bank - 19-Jul-2018 16:17
Trigyn Technologies wins contract from U.S. Army Picatinny Arsenal - 19-Jul-2018 16:11
Kotak Mahindra Bank quarterly net climbs 12.3% to Rs 10.25 bn - 19-Jul-2018 15:58
Bajaj Finance quarterly profit surges 83% - 19-Jul-2018 15:32
Tata Motors bags order to supply electric vehicles to Cognizant - 19-Jul-2018 13:19
Infosys Foundation signs accord with Bangalore Metro - 19-Jul-2018 11:49
Lupin receives tentative USFDA approval for generic Tadalafil tablets - 19-Jul-2018 11:34
Zydus Cadila gets USFDA's final nod for Piroxicam capsules - 19-Jul-2018 10:26
MCX takes preventive measures against technical glitches - 19-Jul-2018 10:19
Tata Power launches electric vehicle charging stations in Hyderabad - 18-Jul-2018 15:45
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer