your password has been reset successfully, Please login again.

Petronas eager to buy stake in IOC's LNG plant

Malaysia’s Petronas to become second candidate up for buying a stake in IOC’s LNG Ennore plant.
BY BEx Bureau
BusinessEx
Aug 17, 2017

Petronas which is a Malaysian state-owned natural gas and oil major seems interested in buying a stake in Indian Oil Corporation LNG terminal at Ennore which is presently under construction and constitutes 5 million tonnes a year.

Petronas is the second firm that has shown interest in buying the IOC LNG terminal at Ennore after Petronet LNG firm.

Sanjiv Singh, IOC chairman reported that Petronas has shown interest in buying a stake. But the deal is in preliminary stages as of now and there is no final verdict on the same.

LNG Plant at Ennore constitutes a value of Rs 5,151 crore and IOC holds the major stake of 95%. It is expected that the plant will be completed by June 2018.

From the ownership of 95% stake of IOC, the company only wants to dilute 45% of its stake for sale and keep on holding the major stake of 50%.

Singh, however, clarified that mere taking equity will not guarantee any company of a proportionate capacity on the import terminal. "Capacity booking (for import of own LNG cargoes) is separate than the equity stake. They are two different things," he said.

IOC will be holding a major say to bring its own gas while Petronas may also be planning to sell its global portfolio of LNG.

Please add your Comment
SIMILAR News
September 18, 2018
Walmart-owned Flipkart is in talks to acquire a stake in Hotstar, Star India’s video streaming servi ...More
By Vaishnavi Gupta
September 18, 2018
UberEats has tied-up with Tata AIG for offering comprehensive insurance covers to its delivery execu ...More
By Vaishnavi Gupta
September 17, 2018
Fluido is the second entity which will be acquired under the leadership of Salil Parekh. ...More
By Ritu Marya
September 14, 2018
The move will ramp up its online grocery business in Mexico and Chile. ...More
By Vaishnavi Gupta
September 13, 2018
The raised funds will be used to build the brand, expand distribution, and increase product offering ...More
By Vaishnavi Gupta
September 12, 2018
It is an all-cash deal, however, the company has not disclosed the financial details of the transact ...More
By Vaishnavi Gupta
September 11, 2018
This partnership will include developing and delivering conversational AI platform for global enterp ...More
By Vaishnavi Gupta
September 10, 2018
Infosys will hold a 60% stake in the JV, while Temasek will acquire 40%. ...More
By Vaishnavi Gupta
September 07, 2018
New funds enable GreyOrange to accelerate the fulfillment of its vision to develop the next generati ...More
By Vaishnavi Gupta
September 06, 2018
JSW Steel and promoters have bought around 88% stake in the Monnet Ispat and Energy Ltd (MIEL). ...More
By Vaishnavi Gupta
September 06, 2018
The new infrastructure fund exceeds its initial target of $5 billion. ...More
By Vaishnavi Gupta
September 05, 2018
Miles Software provides wealth and asset management on-demand software to banks, asset managers and ...More
By Vaishnavi Gupta