Chennai: Public sector Indian Oil Corporation is looking for a third partner for the proposed LNG terminal at nearby Ennore with a project cost of Rs 4,320 crore, confirmed a top official here on Wednesday.

Indian Oil and Chennai Petroleum Corporation is setting up the five Million metric tonnes per annum (MMTPA) capacity terminal for the supply of degasified natural gas. CPCL and IOC have signed an agreement for supply of LNG.

“For this project we are definitely looking for a partner. Right now we are talking to many companies who can become our partner,” IOCL Chairman R S Butola told reporters after announcing group company Chennai Petroleum Corporation Ltd’s results.

Stating that the project was “well on course,” he said they have not taken any decision on identifying the partner. “We have not taken any decision on it. But the project is currently on hand,” he said.

For the project, CPCL is gearing itself to receive Natural Gas for its heaters and boilers and also for its power plant and hydrogen generation units.

Butola also clarified they were looking for a partner who has experience in setting up an LNG plant.