Qatar Petroleum Interested in Petronet Stake

Qatar Petroleum has expressed interest in buying a 5.2 percent stake in Petronet LNG, Press Trust of India has reported.

However, the report said that the stake as well as board position in Petronet will give the Qatari firm an undue advantage over other suppliers as it will be privy to price and other negotiations.

Asian Development Bank (ADB) wants to sell its 5.2 percent stake in Petronet.

The PSUs -- Indian Oil, Oil & Natural Gas Corp, Bharat Petroleum and GAIL India -- had previously evinced interest in buying the ADB stake but the Oil Ministry blocked the move as it would have turned Petronet into a public sector company.

Gaz de France International (GDFI) holds a 10 percent in Petronet and also has the right of first refusal over ADB's stake. But the French energy giant has decided to waive this right off, PTI said.