ONGC Videsh Limited (OVL), the overseas arm of the state-owned Oil and Natural Gas Corporation is planning to tie up with with Petronet LNG and Indian Oil Corporation (IOC) to bid for up to 20% stake in Russia’s Novatek LNG project in the Yamal Peninsula, according to reports.
Reports stated that OAO Novatek, the second largest gas producer in Russia is looking for international partners to develop the Yamal LNG project and share implementation costs.
15-20% stake in Yamal LNG would mean an investment of around $3.5-4 bn (Rs 190-220bn), report says.