Petronet eyes stake in Qatari LNG projects

Petronet LNG, India’s largest importer of liquefied natural gas, could secure a stake in Qatar’s expansion projects as it looks to diversify its portfolio. 

The company’s managing director and CEO Prabhat Singh said Petronet was eyeing a stake that would secure it a position on the board of the Qatari company, Press Trust of India reports.

Currently, Petronet LNG imports 7.5 million tons of LNG per year for a period of 25 years from Qatar’s RasGas, under which Petronet would get a five percent stake in a liquefaction facility in Qatar.

However, since Oil and Natural Gas Corporation (ONGC), as Petronet’s nominee declined to make the payment of $135, the stake could cost around $2 billion now.

Singh added that the company has informed Qatar of its intention to acquire a stake in the expansion projects that could see Qatar’s export capacity rise to 100 million tons of LNG per year.

Every new train built in the RasLaffan LNG complex is essentially a company, and Petronet will have the option to buy a stake in either a Qatargas or a RasGas-led project.

LNG World News Staff