OVL in Talks to Buy 15% Yamal Stake

ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp. Ltd, is in talks with Russia’s Novatek to acquire a 15% stake in its subsidiary Yamal LNG for developing a natural gas field, Mint newspaper reported Tuesday.

The transaction will also include tie-up for a natural gas liquefaction project and joint marketing of liquefied natural gas (LNG).

Novatek, which owns 80% of the unit, is offering a 29% stake for participating in the project. France’s Total has a 20% stake in OAO Yamal.