ONGS-Indian Oil-Petronet LNG consortium wants 15% of Yamal LNG
MOSCOW. July 31 (Interfax) - A consortium of Indian companies - Oil & Natural Gas Corp., Indian Oil Corp., and Petronet LNG Ltd. - is looking to acquire a stake of around 15% in OJSC Yamal LNG, Petronet's managing director, Ashok Kumar Balyan, told the press in New Delhi.
"Negotiations are underway. It's possible that we'll be able to decide in the next two months," The Wall Street Journal quotes Balyan as saying. Balyan estimated the investment needed for the project at $23-$24 billion. Independent gas producer NOVATEK owns 80% of Yamal LNG and France's Total 20%. Yamal LNG holds the license to develop the South-Tambeyskoye field, which holds 1.26 trillion cubic meters of gas and 51.6 million tonnes of gas condensate. The LNG plant will be built in three phases of 5.5 million tonnes a year each. Launch of the first phase is slated for 2016.
