ONGC Consortium in Final Bid to Buy Yamal LNG Stake

ONGC led consortium, which includes Indian Oil Corp and Petronet LNG is negotiating hard for the minority stake in Novatek’s Yamal liquefied natural gas (LNG) project, according to Economic Times.

This is the last opportunity for the consortium to purchase the remaining 9% stake in the 16.5-million tonnes LNG project after China National Petroleum Corp (CNPC) pre-empted its move and bought 20% stake in the venture on September 5 for an undisclosed amount, official told Economic Times.

Indian consortium is set to face tough competition from Japanese firms. India and Japan, the newspaper reported.

Government officials said ONGC and its partners are competent to negotiate the deal independently. "This is a commercial deal, best left on the judgment of companies. Certainly, we have friendly relationship with Russia, which will certainly help our companies in undertaking commercial ventures in the country," Economic Times quoted a senior government official. 

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