Leasing of land for setting up of LNG storage and regasification terminal of 5 MMTPA capacity by joint venture led by Indian Oil Corporation Limited (IOCL) at Ennore Port

The Union Cabinet has given its approval for leasing of land measuring 520,000 sq. mtr. of Ennore Port Limited (EPL) to the Joint Venture led by Indian Oil Corporation Limited (IOCL) for 30 years for setting up of LNG storage and re-gasification terminal project of 5 MMTPA capacity at Ennore Port. Ennore Port is located near the North Chennai Industrial Hub which houses industrial units, such as Madras Fertilizers Limited (MFL) and Chennai Petroleum Corporation Limited (CPCL) who would also be the users of LNG. The project will help EPL to utilize gainfully the land and waterfront available with them. Further, it will attract major petroleum and other companies to contribute towards the development of the region. It will lead to the socio-economic development of the backward areas in and around Ennore Port. LNG is an environment friendly clean fuel and its use as a substitute for other petroleum products will bring down the pollution levels. It is also cost effective and availability of LNG in the area will lead to sustainable industrial development