Indian Oil, Gail acquire LNG terminal stake
India 
NEW DELHI, September 21, 2016 – As announced yesterday, Indian Oil Corporation and Gail agreed to jointly acquire a 49% stake in the LNG regasification terminal currently under construction in Odisha on Wednesday.
Slated for completion in 2019, the facility will have a capacity of 5 million tonnes per year. According to Indian Oil Corporation Chairman B. Ashok, the project is valued at USD 895 million. Speaking at a press conference, he declined to say how much the two companies paid for for their stake.
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