India’s largest importer of liquefied natural gas, Petronet LNG is reportedly in negotiations with Gujarat State Petroleum Corporation over a 25 percent stake in Mundra LNG import terminal.
Press Trust of India reports that GSPC is looking to sell a certain percentage of its ownership in the 5 mtpa terminal that is nearing completion.
The company is aiming to shed 50 percent of its stake in the project. Initially, it offered 50 percent of its ownership to the Indian Oil Corporation, however, after the latter showed interest only in 25 percent, GSPC turned o Petronet LNG to sell the remaining stake on offer.
A number of companies showed interest in the 25 percent stake, with the state gas utility GAIL being one of them, however, GSPC directly offered the stake to Petronet LNG.
Once the transactions are concluded, GSPC, IOC, Petronet LNG and Adani Group will each hold a 25 percent ownership in the import terminal.
In addition, Petronet LNG’s board members have given a green light for the issuance of bonus company shares.
LNG World News Staff