Odisha will come up on the world map of natural gas business soon. A big terminal of LNG – Liquefied Natural Gas – will soon come up at Paradeep port. An agreement to set up the terminal was signed between GAIL and Paradeep Port in Bhuvaneshwar today. The State owned Gas Authoriy of India will set up the terminal at a cost of over 3100 crore rupees. Shipping Minister G K Vasan described it as heralding of a new area in industrial development, job creation and economic upliftment of the nation.The project for Floating Storage Regasification Unit will have an initial capacity of four million tonneper annum in first phase. It' will have a storage capacity of 170,000 cubic metres.The first phase of the project is to become operational by 2017.While the port will invest 650 crore rupees on breakwater and dredging, GAIL will invest 2,458 crores for buliding the plant. In the second phase, four million ton capacity will be added taking its capacity to 4.8 million tons.India is currently the fourth largest consumer of natural gas.The share of natural gas in the country's primary energy market is poised to reach 22 per cent by 2020 and 25 per centby 2035.