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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.

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