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Engie seeks to sell interest in India's largest LNG importer

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LNG Industry,

Bloomberg is reporting that Engie SA plans to sell its entire 10% holding in India’s biggest importer of LNG.

Engie unit GDF International has written to the four Indian state companies that together own half of Petronet LNG Limited to offer shares in proportion to their holding.

Explorer Oil & Natural Gas Corp., refiners Bharat Petroleum Corp. and Indian Oil Corp., and gas distributor GAIL India Ltd. form the founding group, with a 12.5% stake each.

Engie holds 75 million shares in Petronet, valued at about 29 billion rupees (US$440 million) at current market prices.

In 2014, the Asian Development Bank sold 39 million shares in Petronet. It first offered those to the four founders, who chose not to buy them. The ADB eventually sold its 5.2% stake on the open market.

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