No change in Petronet-LNG shareholder agreement

Vol 4, PW 17 (27 Sep 00) Midstream & Downstream

Once again, misleading reports are circulating regarding the shareholder agreement at Petronet-LNG.

One such report, emanating from Mumbai and published in the Economic Times on 19th September, suggests Petronet-LNG is set to offer part of RasGas' equity stake to an EPC contractor, selected to construct the LNG import receiving terminal at Dahej and Cochi. "This report is incorrect," Suresh Mathur, Petronet-LNG managing director, tells Petrowatch, "There is no plan to offer an equity stake to the EPC contractor." Adds a second source within Petronet-LNG: " There is no change in the status quo.

We don't know how or from where these reports are coming." According to Petronet-LNG, the shareholder agreement, when signed, will look like this: Government-back promoters Equity Stake Indian Oil Corporation 10% Bharat Petroleum 10% Oil & Natural Gas Corporation 10% National Thermal Power Corporation 10% Gas Authority of India 10% Private-sector promoters Gaz de France (technical adviser) 10% RasGas (LNG supplier fro Qatar) 10% Gujarat (private sector company) 5% Banks & Institutions 25%