Indian consortium in a Race

A consortium of Indian companies, ONGC Videsh, Indian Oil Corporation and Petronet LNG, are in the fray to acquire a 9 per cent stake in Russia´s Novatek LNG project in the Yamal Peninsula for $1.8-2 bn. As part of the deal, the companies have plans to buy 5 mn tonne of liquefied natural gas annually from the project. OAO Novatek, the second-largest gas producer in Russia (after Gazprom), is scouting for international partners to develop the Yamal LNG project and share implementation costs. Contact: ONGC Videsh.Tel: 011-2373 0368. Fax: 011-2373 0369. Website: www.ongcvidesh.com