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BW Businessworld

Oman To Buy 15% Stake In Petronet LNG

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Oman is considering buying a 10-15 per cent stake in Petronet LNG's proposed plant on India's east coast, the Gulf nation's oil minister Mohammed bin Hamad Al Rumhy said on Wednesday (02 April).

"We have not decided on (the) stake. It will be a small (stake) - maybe 10-15 per cent," Rumhy said, adding the two sides had been engaged in talks for the past two months.

Petronet, which supplies liquefied natural gas (LNG), aims to build a 5 million tonne a year LNG terminal at Gangavaram, on the east coast, by 2016.

The visiting minister also said the energy-hungry nation aims to get 1 billion cubic feet of gas per day from Iran from 2017/18, under a long-term agreement, if the plan materialises.

(Reuters)