PSU PRESS RELEASE
Russia offers Indian cos stake in Yamal LNG projects 2nd phase
NEW DELHI. Russia has offered Indian oil companies a stake in the second phase of Yamal LNG, the biggest project to produce liquefied natural gas (LNG) in the Arctic. The offer of stake in JSC Yamal LNG was made when Minister of State for Petroleum and Natural Gas (independent Charge) Dharmendra Pradhan visited St Petersburg last month, sources privy to the development said.
Petronet LNG, India’s biggest natural gas importer, is studying the offer, they said adding other state-owned firms like Indian Oil Corporation Ltd (IOCL) may join in later. Novatek OJSC, Russia’s second-biggest natural gas producer, had in 2013 offered a 9 per cent stake in the $27 billion Phase I of Yamal LNG project to a consortium of Petronet LNG, Indian Oil Corporation Ltd and ONGC Videsh Ltd (OVL).
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