Indian Oil and GAIL (India), two Maharatna Public Sector Companies of India, have signed MoU with Dhamra LNG Terminal (DLTPL), a company owned by Adani Enterprises. DLTPL's project shall be an onshore LNG regasification terminal having initial capacity of 5.0 MTPA, at Dhamra Port in Bhadrak district of Odisha. Dhamra is an all-weather deep water port.

As per the terms of MoU, IndianOil and GAIL would reserve regasification capacity in the Terminal to supply regasified LNG in the emerging gas markets in the eastern part of the country. IndianOil and GAIL would also have the option to hold equity in DLTPL at a later date.

Indian Oil shares gained Rs 1.65, or 0.5%, to settle  at  Rs 334.45. Meanwhile, shares GAIL gained Rs 11.3, or 3.08%, to settle  at  Rs 378.05.