New Delhi, May 9 (IANS) The union Cabinet Thursday approved leasing of over 500,000 square metres land for a liquefied natural gas (LNG) storage and regasification terminal at Chennai's Ennore port.
"The union Cabinet has given its approval for leasing of land measuring 520,000 sq. m. of Ennore Port Limited (EPL) to the joint venture led by Indian Oil Corporation Limited (IOCL) for 30 years for setting up of LNG storage and re-gasification terminal project of 5 mmtpa (million metric tonnes per annum) capacity at Ennore Port," an official release said.
The union government said the project will help Ennore port, located near the north Chennai industrial hub, to gainfully use the land and waterfront available with EPL.
According to the statement, the availability of LNG in the area will lead to sustainable industrial development and "will lead to the socio-economic development of the backward areas in and around Ennore port".