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Mergers & Acquisitions | 6 December 2012

Russian Energy Firm Gazprom May Buy Stake In Ennore LNG Terminal

by Paritosh Gajjar
Russian Energy Firm Gazprom May Buy Stake In Ennore LNG Terminal
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Government owned Russian energy explorer, OAO Gazprom is said to be interested in and is supposedly talking to IOC for buying a stake in the proposed LNG terminal at Ennore, Chennai, according to Mint.

The Ennore LNG import terminal project, with an investment of over R4,320 Cr and a capacity of 5 Mn tonnes a year, is to come up in a 130-acre area within Ennore Port about 25 km north of Chennai.

The terminal is to be jointly developed by Indian Oil Corp. and Tamil Nadu Industrial Development Corp (TIDCO).

Last year, a unit of Gazprom also signed an accord with IOC to supply 2.5 MTPA of LNG for 25 years from its projects such as Sakhalin.

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