Shell finalizes Hazira LNG stake buy from Total
The Hague-based LNG giant Shell said Wednesday it completed the previously announced acquisition of 26 percent equity interest in the Hazira LNG regasification terminal in India from France’s Total.
This brings Shell’s equity interest in the venture to 100 percent.
The Hazira terminal consists of two LNG tanks with a capacity of 160,000-cbm each.
The move allows Shell to build an integrated gas value chain: supply from its global LNG portfolio, regasification at the Hazira facility, and downstream customer sales, Shell said.
It further added that the move enables Shell to contribute towards India’s long-term need for more and cleaner energy solutions.
Having commercial and operational flexibility over Hazira will further “enable Shell to offer better customer value propositions and build a pan-India gas business.”
“Fifteen years ago, Shell invested in the Hazira project – the single largest foreign direct investment for India in the energy sector at the time. I am very proud that as a 100 percent shareholder, we will now be able to utilize this great infrastructure asset to its full potential and help provide much needed gas to serve the growing energy needs of India,” said Ajay Shah, Vice President Shell Energy Asia.