Petronet LNG Executive: Indian Consortium Looking at Stake in Yamal LNG Project

NEW DELHI--A consortium of Indian companies comprising Oil & Natural Gas Corp. (500312.BY), Indian Oil Corp. (530965.BY) and Petronet LNG Ltd. (532522.BY) is looking at buying an about 15% stake in Russia's Yamal LNG Project, Petronet's managing director said Tuesday.

"The talks are on," Ashok Kumar Balyan told reporters. "Maybe in next two months we'll be able to decide."

Yamal LNG holds a license to explore and develop the South-Tambeyskoye field, located at the north-eastern portion of the Yamal peninsula in Russia's western Arctic region. It is also building an onshore LNG facility near Sabetta on the Yama peninsula.

Russian natural-gas producer OAO Novatek holds 80% of Yamal LNG.

The Yamal LNG project could see an investment of $23 billion to $24 billion, Balyan said.

Separately, Petronet said its fiscal-first-quarter net profit rose 5% to 2.71 billion rupees, while sales jumped 53% to 69.93 billion rupees.

Write to Nikhil Gulati at [e-mail]

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