NEW DELHI--A consortium of Indian companies comprising Oil &
Natural Gas Corp. (500312.BY), Indian Oil Corp. (530965.BY) and
Petronet LNG Ltd. (532522.BY) is looking at buying an about 15%
stake in Russia's Yamal LNG Project, Petronet's managing director
said Tuesday.
"The talks are on," Ashok Kumar Balyan told reporters. "Maybe in
next two months we'll be able to decide."
Yamal LNG holds a license to explore and develop the
South-Tambeyskoye field, located at the north-eastern portion of
the Yamal peninsula in Russia's western Arctic region. It is also
building an onshore LNG facility near Sabetta on the Yama
peninsula.
Russian natural-gas producer OAO Novatek holds 80% of Yamal
LNG.
The Yamal LNG project could see an investment of $23 billion to
$24 billion, Balyan said.
Separately, Petronet said its fiscal-first-quarter net profit
rose 5% to 2.71 billion rupees, while sales jumped 53% to 69.93
billion rupees.
Write to Nikhil Gulati at nikhil.gulati@dowjones.com
Order free Annual Report for INDIAN OIL CORP LTD
Visit http://djnweurope.ar.wilink.com/?ticker=INE242A01010 or
call +44 (0)208 391 6028
Order free Annual Report for PETRONET LNG LTD
Visit http://djnweurope.ar.wilink.com/?ticker=INE347G01014 or
call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
