Petronet-LNG 'Shareholder Agreement' signing imminent

Vol 4, PW 26 (14 Feb 01) News in Brief

Last-minute discussions are underway at Petronet-LNG to resolve "two or three minor issues" before the government-backed company sits down to sign a 'Shareholder Agreement'.

It's not clear what the outstanding issues are, but an informed source suggests one of them centres on how the position of Chairmanis selected - by rotation ('Buggins Turn', as they say in the UK) and common practice in India, or by merit. A company source close to talks said he hopes the 'Shareholder Agreement' could be initialled "this week" and that a signing could take place by the first week of March.

Petronet-LNG shareholders are Indian Oil, GAIL, Bharat Petroleum, ONGC, Gaz de France, RasGas, Gujarat, and banks.