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Paradip Port, GAIL sign deal for gas terminal

Oct 26: Paradip Port Trust today signed an initial pact with GAIL (India) for setting up a LNG terminal at Paradip at a joint investment of Rs3,108 crore. Paradip Port would invest Rs.650 crore in breakwater and dredging, and the balance Rs.2,458 crore would be invested by GAIL.

The MoU was signed in Bhubaneswar by Sudhansu Sekhar Mishra, port chairman, and Sanjeev Dutta, executive director of GAIL, in the presence of Union Minister of Shipping GK Vasan.

The annual send-out capacity of the project will be 4.8 million tonne in the first phase that will be completed by 2017, with a storage capacity of 170,000 cubic metre.

Considering the long-term potential of the market along the East Coast, the phase two of the project will have capacity of nearly five million tonnes per annum.

The shipping ministry aims to create a port capacity of around 3,200 million tonnes by attracting investments to the tune of Rs.287,000 crore to handle the expected traffic of about 2,500 million tonnes by 2020, Vasan said.

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Oct 26: Paradip Port Trust today signed an initial pact with GAIL (India) for setting up a LNG terminal at Paradip at a joint investment of Rs3,108 crore. Paradip Port would invest Rs.650 crore in breakwater and dredging, and the balance Rs.2,458 crore would be invested by GAIL.

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