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Oman ponders 20% stake in Petronet project

LNG Industry,

Oman’s Oil Minister Mohammed bin Hamad Al Rumhy has said that Oman is considering buying up to a 20% stake in Petronet LNG Ltd’s Rs 5000-crore.

The minister said that Oman were interested in Petronet and that they were looking to invest in one of the company’s projects on India’s east coast, although they had not decided on the percentage of an interest: “We have not decided on a stake. It will be small – maybe 10, 15, 20%.” He also added that discussions had been taking place between the two parties for a period of two months.

India’s biggest importer of natural gas, Petronet, who recently finalised the construction of the Kochi LNG terminal in Kerala, a 5 million tpa regasification facility, is building another 5 million tpa LNG terminal at Gangavaram in Andhra Pradesh. This is expected to come online by 2018, and there will be an option to extend capacity to 10 million tpa.

Although wishing to retain a 51% interest in this project, Petronet is on the lookout for partners, and it has already sold an 8% stake to Gangavaram Port.


Edited from various sources by Ted Monroe

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