Indian Companies Eye Stake in Yamal LNG Project

A consortium of Indian companies, led by ONGC, has made bid to acquire a stake in Novatek's liquefied natural gas project in Russia.

Confirming the news, a Novatek spokesman said the company received a bid from a consortium of ONGC, Petronet and GAIL for a stake in Yamal LNG.

Indian companies intend to acquire a 15% stake for as much as $3.4 billion in Yamal LNG, which was slated to start production of up to 16 million tonnes of frozen gas a year in 2015-17.

Analysts see Indian companies' participation as a "positive development" for Novatek, which the Russia's second-largest natural gas producer and could get access to the LNG market in India through a deal.

Source: The Financial Express