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    Indian Consortium in Talks to Buy Stake in Yamal LNG

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Summary

ONGC Videsh Ltd, Indian Oil Corp (IOC) and Petronet LNG are in talks to buy about 9-10 percent stake in Novatek's $20 billion Yamal LNG Project, according to Press Trust of India (PTI).

by: Shardul

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Asia/Oceania

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Indian Consortium in Talks to Buy Stake in Yamal LNG

ONGC Videsh Ltd, Indian Oil Corp (IOC) and Petronet LNG are in talks to buy about 9-10 percent stake in Novatek's $20 billion Yamal LNG Project, according to Press Trust of India (PTI).

The Indian consortia is sending a team of officials to Russia this month for negotiations for a stake in the project that will aim to make 16.5 million tonnes of liquefied natural gas (LNG) a year and start shipments in 2016, sources with direct knowledge of the development told PTI.

OVL-IOC-Petronet were originally interested in taking up to 15 percent stake in the Yamal project, but they will have to settle for a smaller stake after Novatek last week sold a 20 percent stake in the project to China National Petroleum Corp (CNPC).

Novatek, which is now left with 60 percent of the venture, is ready to cut its holding to 51 percent if potential partners offer markets for the gas. 

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