ONGC Keen to Buy Stake in Ennore LNG

India’s Oil & Natural Gas Corporation (ONGC) is looking to buy a 26% stake in Indian Oil Corporation’s (IOC) Ennore LNG project in Tamil Nadu.

“We held detailed discussions with IOC on stake in Ennore terminal in October last year and hope to conclude a deal shortly,” the Press Trust of India (PTI) cited an unnamed official at ONGC as saying.

ONGC wants the right to bring in at least a quarter of the LNG at Ennore and market it, according to the report.

Indian Oil  is building a 5 mtpa LNG import terminal at Ennore near Chennai which is to be completed by 2017.

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LNG World News Staff, January 17, 2014; Image: Ennore Port