NEW DELHI: Malaysia’s Petronas is keen to buy a stake in Indian Oil Corporation’s LNG import terminal at Ennore. The Malaysian government-owned oil and natural gas producer is the second firm after Petronet LNG, India’s biggest liquefied natural gas importer, to have expressed interest in taking a stake in the Ennore plant.
“Petronas has expressed interest in taking a stake,” IOC Chairman Sanjiv Singh told reporters here on Wednesday. “Nothing has been finalised so far. It’s at a preliminary stage as of now.”
IOC has 95 per cent stake in the Rs 5,151-crore Ennore LNG import terminal, which is under construction and is expected to be completed by June 2018. Tamil Nadu Industrial Development Corporation has 5 per cent in the 5-million tonnes a year plant.
The state-owned refiner wants to retain atleast 50 per cent stake in the project and so, 45 per cent stake is available for the taking. While Petronas may be looking at Ennore as a market to sell the global portfolio of LNG it has, IOC is likely to retain a major say to bring its own gas.
Earlier this month, the IOC board had given an ‘in-principle’ approval to acquire up to 50 per cent stake in Mundra LNG import terminal in Gujarat for an estimated Rs 750 crore.
GSPL LNG, a joint venture of Gujarat State Petroleum Corporation and Adani Enterprises, is setting up a 5-million tonnes per annum (mtpa) LNG terminal at the Mundra port in Gujarat.
Singh said IOC is talking to GSPL about valuations of the stake.