Indian Oil Corporation (IOC) acquired up to 50% equity in Gujarat State Petroleum Corporation (GSPC)'s subsidiary, GSPL LNG Ltd, which is setting up a 5Mt/y LNG terminal at Mundra Port in Gujarat (India). The transaction amount was not disclosed. In the meantime, IOC also announced the capacity expansion of its Gujarat refinery to 18Mt/y from the current 13.7 Mt/y at the cost of Rs 15,034 core (US$2.3bn).
The Mundra LNG regasification facility is owned by GSPL LNG (GSPC) with a 50% stake (a 25% indirect stake for IOC), Adani and IOC (India Oil Company) with a 25% each. It has a capacity of 5 Mt/year (6.75 bcm/year) and could be later expanded to 10 Mt/year (13.5 bcm/year). The facility is scheduled to be commissioned in the 4th quarter of the 2017-2018 fiscal year and its cost is estimated at Rs 5,040 crore (US$791m). Mundra LNG is the second Adani's LNG project where IOC is investing, since IOC also owns a 39% stake in the proposed 5 Mt/y Dharma LNG import terminal (Dhamra, Odisha, India). Adani Group has 50% interest in the project and the remaining 11% stake belongs to GAIL India.
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