Indian Oil and Gail to get stake in Adani LNG terminal
(Reuters) India's biggest refiner Indian Oil Corp. and gas transporter Gail (India) Ltd. will purchase a stake in an LNG terminal being built in the eastern state of Odisha.
The two companies will sign an agreement with coal trader Adani Enterprises Ltd., which will be building the five MMt LNG regasification terminal, Indian Oil said in a statement.
The statement did not specify what stake Indian Oil and Gail would be taking though company officials have previously indicated that they might buy 49% of the terminal.
Factories and vehicles are expected to need more and more natural gas in coming years and Indian Oil has been aggressively booking capacities in LNG terminals across the country.
The company, which is setting up its own 5 MMt terminal in the east coast, wants its gas trading business to contribute 15% of revenues by 2021.
Reporting by Promit Mukherjee; editing by David Clarke
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