Indian State-run oil refiner-marketer Indian Oil Corporation (IOC) and gas infrastructure and logistics major GAIL India have passed up the option to pick up a 50% stake in a liquefied natural gas (LNG) terminal project proposed by the Adani Group in the eastern coastal state of Odisha. Indian Petroleum and Natural Gas Minister Dhramendra Pradhan said in a statement this week that the agreement between IOC, Gail and Adani to buy 50% equity stake in the proposed $735-million LNG terminal project at Dhamra, Odisha had lapsed.
