State-run Indian Oil Corporation will in next 2-3 months decide on the fate of its $ 750 million liquefied natural gas (LNG) import terminal at Ennore on the outskirts of Chennai, IOC Director (Business Development) B M Bansal said on Monday.

“In next 2-3 months, we will take a decision if Ennore LNG terminal project is to be revived,” he told reporters here.

IOC had in 2007 put on hold the 2.5 million tonnes a year LNG import-cum-regassification terminal after huge gas finds off the east coast made the project economically unviable.

Gas from discoveries made by Reliance Industries, Oil and Natural Gas Corp (ONGC) and Gujarat State Petroleum Corp (GSPC) as also Petronet LNG Ltd’s Kochi LNG terminal may feed much of the demand in the region, leaving little scope for Ennore.

“Once we decide internally, it will take one year to prepare a detailed feasibility report,” he said.

When the project was put on hold, state-run gas utility GAIL India Ltd too wanted to be part of the project.

The Petroleum Ministry had then decided that IOC and its subsidiary Chennai Petroleum Corp Ltd (CPCL) would be the lead promoters.