Indian Oil, GAIL May Acquire Stake in Africa LNG Projects

Indian Oil Corp and GAIL Ltd may buy stake in LNG projects in Africa, Business Standard reported, citing India’s Oil Minister S Jaipal Reddy.

“Our companies such as GAIL, Petronet LNG and IOC are interested in sourcing LNG on a long-term basis from Africa; explore possibilities of equity participation in existing/proposed LNG liquefaction projects; business opportunities in gas processing and gas-based petrochemical projects in Africa; and farm-in opportunities in producing gas blocks for conversion to LNG and dispatch to India,” he said.

Recently, he said in a speech at World Petroleum Conference in Doha, that India is interested to invest in foreign LNG terminals to help meet its growing gas demand.

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LNG World News Staff, December 9, 2011; Image: Petronet LNG