Essar Shipping Ports and Logistics Ltd (ESPLL) is in advanced stages of closing financial closure for the Rs 939 crore expansion of its Vadinar oil terminal in Gujarat.
According to sources, ESPLL is likely to complete financial closure of the oil terminal expansion programme by mid-October 2009. The project is being financed through a debt of Rs 660 crore and equity of Rs 279 crore. A consortium of Indian banks is participating in the deal.
The oil terminal at Vadinar, operated by a subsidiary of ESPLL- Vadinar Oil Terminal-is an all-weather, deep-draft port, providing crude oil and petroleum products storage, handling and terminal facilities. The terminal has crude receiving capacity of 32 million tpa and sea-based product dispatch capacity of 14 million tpa.
Phase I expansion of the oil terminal, for which financial closure is being completed, envisages expanding capacity from the present 10.5 to 16 million tpa by December 2010. In Phase II, the capacity of the terminal will be increased to 34 million tpa.
ESPLL is also likely to complete financial closure for its Rs 860 crore bulk terminal project at Salaya in Gujarat in October as well. The 10.5 million tonne port facility, which will be handling import of coal and export of pet coke for power plants, especially for Essar Power, is slated to be commissioned by 2011. The project will be funded through a debt of Rs 590 crore and equity of Rs 270 crore.
Source : ProjectsToday |