After ONGC its now IOC's turn to bail out GSPC

Vol 20, PW 8 (12 Jan 17) People & Policy

IndianOil chairman B.

Ashok has hinted that just like ONGC his company might come to the rescue of cash-strapped GSPC to please Narendra Modi. Speaking to PETROWATCH at Nirma University in Ahmedabad on January 10, Ashok was diplomatic when asked whether IOC might take over GSPC's 50% stake at the proposed Mundra LNG terminal in Gujarat where Adani holds 25%.

"IOC is open to all opportunities," he said. "We did receive a proposal from GSPC in this regard last year but we have not heard from them since then." This however is not surprising given the Diwali holidays in October and early November and Christmas holidays in December.

"We are hopeful so let us see how the proposal goes," added Ashok. "We have a lot of investments in Gujarat and have lined up another Rs20,000cr ($3bn) of investments here.

We want to stay invested in Gujarat." Ashok was at the Institute of Management at Nirma University to deliver a lecture before rushing to Gandhinagar for the inauguration of the Vibrant Gujarat summit by prime minister Modi. When asked about the status of three delayed cross-country gas pipeline projects where IOC holds 26% partner in a Gujarat State Petronet-led consortium, Ashok said: "I am confident work will start very soon.

We're making progress and the projects will move forward." He blamed the delays on difficulties securing government clearances.

LNG Summit