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Indian oil giants to source LNG from Russia

Trio of Indian oil and gas majors are eager to source LNG from Russia, as well as from current and future terminals

Indian oil giants to source LNG from Russia

A consortium of Indian energy majors is looking to source LNG from several terminals, including from Russia, as part of moves to satiate India’s growing energy appetite, it emerged this week.

ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC) and GAIL (India) have shown medium to long term interest to source LNG from current and future LNG terminals, the Indian petroleum ministry announced on Thursday

GAIL, OVL and Petronet LNG officials have held talks with Russian energy firm Novatek for a potential partnership in the Yamal project, a long term plan to exploit and bring to the markets the vast natural gas reserves in the Yamal Peninsula, Russia. Novatek holds an 80 per cent stake in the project, while French Total holds the remaining 20 per cent, according to a ministry statement.

IOC is currently pursuing a 5 million metric tonnes per year LNG import and re-gasification terminal at Ennore, Tamil Nadu, India.

The issue will entice bilateral discussions when Russian president Vladimir Putin visits India in October, the petroleum ministry said.

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