IOCL, GAIL sign MoU for taking equity stake in Dhamra LNG terminal
Posted on:23 Sep 2016 09:08:18
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23 September 2016 Current Affairs: Indian Oil Corporation Limited (IOCL) and GAIL (India) Limited has signed a Memorandum of Understanding (MoU) with Dhamra LNG Terminal Private Limited (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving on 21 September 2016, Storage and Regasification Terminal.
The Dhamra LNG terminal is being built by Adani Enterprises Ltd at Dhamra Port, Odisha.
Highlights of the MoU : As per the MoU, DLTPL shall be an equal Joint Venture of Indian Oil and GAIL on one hand and Adani Group on the other. Indian Oil and GAIL will acquire 39 percent and 11 percent equity respectively in DLTPL, with the balance 50 percent stake being held by Adani group.
Indian Oil and Adani group will each divest 1 percent of their respective stake to a credible financial institution which will then have 2 percent stake in the terminal.
Apart from equity, Indian Oil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.
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