IOCL Doubles LNG Import in Tamil Nadu

Indian Oil Corporation (IOCL) has set ambitious plans to expand its liquefied natural gas (LNG) import terminal in Ennore, southern India, aiming to increase its capacity to 10 million tonnes per year (tpy).

Driven by its commitment to curbing emissions, the oil and gas company seeks to elevate the contribution of gas in the nation's energy portfolio to 15 percent by 2030. With a surge in demand anticipated, IOCL targets a substantial rise in local gas sales from the existing 6.3 million tpy to 20 million tpy.

To bolster its LNG reserves, IOCL recently finalized two agreements for LNG import contracts valued at USD 11 billion over a span of 14 years. Additionally, the corporation secured capacity leases in two domestic projects managed by other entities for gas importation.

Recognizing the necessity for stable pricing and sustained emissions reduction, India's strategy necessitates further long-term import contracts in the LNG sector.

This proactive stance aligns with India's broader energy diversification and emissions reduction objectives, showcasing IOCL's pivotal role in shaping the nation's energy landscape.

News by Rahul Yelligetti