State-owned Indian Oil Corp (IOC) is in talks to buy 26 per cent stake in debt-laden Gujarat State Petroleum Corp’s (GPSC) almost-completed Rs 4,500 crore Mundra LNG import terminal in Gujarat.
The 5 million tonnes a year import terminal, the third facility in Gujarat for import of natural gas in its liquid form in ships, is nearing completion and GSPC is keen to exit the project completely. “They offered us all of their 50 per cent stake but we are keen to take 26 per cent for now,” an IOC official said. With a view to expand its gas business, IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC, the country’s largest oil company, wants the state government entity to remain as a part of the project for smooth operations, he said.