Indian Energy Firms Reportedly in Talks to Buy Large Stake of Arctic LNG-2 Project

Novatek’s Yamal LNG natural gas plant in the Arctic. (Source: Courtesy of Novatek)

Indian energy firms are said to be in discussions to acquire a 9,9 percent stake from Novatek PJSC.

Two of the largest energy firms in India, Petronet LNG Ltd., and ONGC Videsh Ltd., are said to be in talks with Russian energy producer Novatek to buy a 9.9 percent stake in the Novatek-led Arctic LNG-2 project, according to Reuters

Indian Prime Minister Narendra Modi earlier this year said that his government aimed to create a "One nation, one gas grid" through more than doubling the share of natural gas in the country's energy basket.

Since 2011, India has been the world's fourth-largest importer of LNG, due to an increase in domestic consumption and a decline in domestic production.

Arctic LNG-2's stakeholders include Total, CNPC, CNOOC, and a consortium of Mitsui and JOGMEC.

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