• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Pratim Ranjan Bose

Kolkata. Feb. 8The Gujarat State Petroleum Corporation (GSPC) and Adani group combine has finalised partial re-location of the site for the proposed 7.5-million tonne LNG terminal within the Mundra Port and SEZ area.

The previous location was also within the SEZ. The company targets to initiate the tendering process for engineering procurement and construction (EPC) contracts this year. “We have finalised the new location of the proposed terminal within the MPSEZ and initiated the soil testing. Since it is a partial re-location, we are hopeful that much of the progress made in preparing the detailed feasibility report and front-end engineering and design (FEED) studies so far will not go waste,” a senior GSPC official told Business Line.

Though GSPC officially maintains that the targeted timeframe for project completion is 2010-11, sources admit that considering the time lost in finalising the location, the project may not be onstream before 2012.

“It is natural for such a large infrastructure project to face some initial problems. However, we are not unhappy with the progress made so far,” a source said, adding that the company was aiming to utilise the 2012-14 window when a number of natural gas liquefaction capacities were expected to come onstream round the globe, ensuring regular supplies at its proposed terminal.

GSPC holds 50 per cent controlling stake in the project. Adani group holds 25 per cent participatory interest.

IOC proposes to join

On the possibility of IndianOil picking up the residual 25 per cent stake in the terminal, sources say that IOC had expressed its due interest to take part in the project.

IOC’s proposal is believed to have received the tacit support of Adani Group.

Adani Energy — an Adani group outfit — and IOC have already joined hands to implement city gas distribution projects (CGD) in six States in the country. “IOC has expressed its interest to take part in the project. We are open to such proposals. Right now, we (GSPC and Adani) are focusing on implementing the project on a fast-track basis,” the source said.

It may be mentioned that originally, GSPC invited Essar to pick up the 25 per cent stake in the project. However, Essar did not show much interest. In the following days, HPCL expressed interest to pick up 50 per cent stake, which was rejected by GSPC.

More Stories on : Petroleum | New Projects

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line