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Wednesday, Jul 13, 2005

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Indian Oiltanking plans entry into LNG terminalling

Pratim Ranjan Bose

Kolkata, July 12

THE Rs 273-crore Indian Oiltanking Ltd (IOTL), the IndianOil - Oiltanking GmbH joint venture, is considering entering into LNG terminalling in the country. A decision is expected within the next couple of weeks. The proposal is awaiting approval of the international working group of the foreign major.

Having acquired 55 per cent stake in Stewarts & Lloyds in December, the company is also looking for more acquisitions in the country.

Oiltanking GmbH is a subsidiary of Marquard & Bahls AG of Germany and is the second largest independent storage provider worldwide for petroleum products, chemicals and gases. The company owns and operates 71 terminals in 19 countries in Europe, North and South America and Asia.

IOTL offers terminal services for crude oil and petroleum products to different oil marketing companies from various locations in India. The main contributor to the company's business, however, is the engineering procurement and construction (EPC) division. Even so, the company is expecting a high rate of growth in its terminal business in view of the widespread growth in the oil and natural gas sector in the country.

Overall, the share of the terminal facilities in IOTL's total business is expected to increase from 25 per cent to 50 per cent in next couple of years. As regards the EPC division, sources said that there was a Rs 500-crore order book position.

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