GAIL and Paradip Port signed MoU for setting up of LNG terminal
GAIL and Paradip Port Trust on 26 October 2013 signed a Memorandum of Understanding for setting up an offshore LNG terminal at Paradip Port.
GAIL India and Paradip Port Trust on 26 October 2013 signed a Memorandum of Understanding for setting up an offshore Liquefied Natural Gas (LNG) terminal at Paradip Port, Odisha.
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 170000 cubic metres. This will entail a total investment of 3108 crore rupees out of which Paradip Port would invest 650 crores rupees in breakwater & dredging and balance 2458 crores rupees will be invested by GAIL. The Phase-I of the project is targeted to be completed by 2017.
About Gas Authority India Ltd
• GAIL (India) Ltd was incorporated in August 1984 as a Central Public Sector Undertaking (PSU) under the Union Ministry of Petroleum and Natural Gas.
• Gas Authority of India Limited is the largest state-owned natural gas processing and distribution company.
• GAIL is a Maharatna Company.
About Paradeep Port
Paradip Port is one of the Major Ports of India, located at Paradeep, Jagatsinghpur District, Odisha. It is situated at confluence of the Mahanadi River and the Bay of Bengal.
Paradip Port is strategically located between Kolkata and Visakhapatnam Ports so as to serve a vast hinterland spreading over the States of Odisha, Jharkhand, Chhattisgarh, Madhya Pradesh, Uttar Pradesh, Bihar and West Bengal. This is the first major port on the East Coast commissioned after Independence. The Port mainly deals with bulk cargo apart from other clean cargoes.