Gazprom May Buy Stake in Ennore LNG Terminal in India

Gazprom is in talks with Indian Oil Corporation for acquiring a stake in the 5 million tonnes per annum (mtpa) liquefied natural gas (LNG) terminal planned at Ennore near Chennai.

“Talks are on between Gazprom and IOC for a stake in the Ennore LNG terminal. Gazprom is setting up a huge liquefaction facility at Sakhalin. It wants a gasification facility in India to cater to the growing demand here,” Mint newspaper quoted a source as saying.

IOC chairman and managing director R.S. Butola said he was not aware of Gazprom’s interest but didn’t rule out a partnership, the newspaper added.

India is facing a fuel scarcity as gas production from the RIL’s D6 field has dropped. According to the petroleum ministry, the country’s natural gas production was 130 million standard cubic metres per day (mscmd) of gas in 2011-12, a 9% decline from the previous year because of falling production of gas in the D6 field.