For setting up an offshore liquefied natural gas (LNG) terminal at Paradip Port in Odisha, GAIL (India) and Paradip Port Trust have on October 26 signed a memorandum of understanding for an estimated cost of Rs 3,108 crore.
Sudhansu Sekhara Mishra, Paradip Port Trust Chairman, and Sanjib Datta, Executive Director (Business Development), GAIL (India) signed the MoU in the presence of Union Minister of Shipping GK Vasan.
The MoU envisages setting up of the project with a capacity of 4 million metric tonnes per annum (mmpta) in Phase-I with a storage capacity of 1,70,000 cubic metre. Of the total project cost of Rs 3,108 crore, GAIL will invest Rs 2,458 crore.
Paradip Port Trust is expected to pump in Rs 650 crore in breakwater and dredging. The Phase-I of the project is targeted to be completed by 2017.