ONGC refused to purchase a stake in Yamal LNG
Edited by Rhod Mackenzie / 2014-10-01 10:27:31
ONGC has turned away from its plans to purchase a stake in Yamal LNG from Novatek.
ONGC, along with Petronet LNG and Indian Oil, held negotiations on the purchase of 9% in the project realized by Novatek together with Total and CNPC.
However, after the assessment of the project’s risks the company announced it is not interested in entering the project. ONGC hasn’t officially turned away from the project as yet.
Initially ONGC, Petronet LNG and Indian Oil planned to purchase up to 15% in the Yamal LNG project, but it became impossible after Novatek sold 20% in the project to CNPC.
