SURPRISE MOU BETWEEN IOC AND PETRONAS

Vol 3, PW 14 (04 Aug 99) News in Brief
     

An unconfirmed report received by Petrowatch indicates that Indian Oil Corporation (IOC) is set to sign an MOU with Petronas of Malaysia for the import of LNG.

A team from Petronas, headed by its project manager Ed Osman, was in Delhi last week for "wrap-up" meetings on the issue with IOCs human resources director, Subir Raha. The move is seen as a snub to the Indian government which is seeking to evict IOC from Petronet-LNG in favour of National Thermal Power Corporation (NTPC).

IOC has made it clear to the Indian government it wants a stake in Indias LNG business. In July, Petronas signed a 20-year deal to supply Enron with 2.6m t/y of LNG at Dabhol.