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India's Petronet LNG aims to partner with ONGC Videsh in Qatar project

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Reuters are reporting that India’s Petronet LNG Ltd wants to partner with ONGC Videsh Ltd (OVL), the overseas arm of India’s biggest explorer Oil and Natural Gas Corp Ltd, to pick up a stake in an upcoming exploration and LNG project in Qatar.

The project would be Petronet’s maiden venture into the natural gas exploration and production business and overseas LNG terminals.

“We will be signing a non-confidentiality agreement with QatarGas in the next one week or so, and then evaluate the project,” Prabhat Singh, managing director and chief executive officer of Petronet said.

A non-confidentiality agreement would allow QatarGas to speak with other interested parties about the project in addition to Petronet.

Singh said Qatar Gas would give Petronet LNG access to its data rooms for evaluation of the project within a month’s time.

The upstream project will feed into a 23 million tpy LNG terminal, Singh said.

Singh did not say how large of a stake Petronet and OVL would jointly pick up and when the deal would be signed.

Petronet currently runs a 15 million tpy LNG regasification site at Dahej in the western state of Gujarat and a 5 million t refinery at Kochi in southern India.

It is India’s biggest importer and supplier of LNG.

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