Indian Oil eyeing GSPC’s stake in Mundra LNG project

Indian Oil eyeing GSPC's stake in Mundra LNG project

Indian Oil Corporation has reportedly started talks with Gujarat State Petroleum Corporation (GSPC) to buy its share in the 5 mtpa Mundra LNG import terminal currently being built in Gujarat. 

Although the Gujarat state-owned GSPC offered it 50 percent stake in the project to IOC, the later wants to acquire 25 percent stake in the project and keep GSPC onboard, Press Trust of India reports, citing sources.

According to the report, having GSPC, as a state entity onboard would expedite the process of building a pipeline that would connect the nearest gas grid to the terminal.

If talks bring results IOC, Adani Group and GSPC would hold 25 percent interest stake each with the remaining 25 percent to be offered to a strategic partner.

Currently, two companies, the India Gas Solutions set up by Reliance Industries and BP, and Oil and Natural Gas Corporation (ONGC), are in the running for the strategic partner share.

 

LNG World News Staff

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