France’s LNG player Engie, through its unit, GDF International, proposed to shed its shareholding in India’s largest importer of liquefied natural gas, Petronet LNG.
According to the stock exchange filing by Petronet LNG, GDF International invited the state-owned companies that own a total of 50 percent in the company, offering them first right of purchase of Engie’s 10 percent share in Petronet LNG.
The four state-owned companies are Bharat Petroleum Corporation, GAIL, Indian Oil Corporation and Oil and Natural Gas Corporation.
Speaking to Bloomberg, R.K. Garg, Petronet LNG’s director finance said that Engie, through its unit, GDF International, was obligated to offer its stake in the company to other shareholders under the initial shareholders’ agreement.
Only in the case of the founders not putting in offers for Engie’s shareholding, the French company can offer its shareholding in Petronet LNG to other interested buyers, Garg said.
Engie’s stake in Petronet LNG at current market prices is valued at around $434 million.
LNG World News Staff