OIL MINISTRY ACCEPTS NEW ORDER AT PETRONET-LNG

Vol 3, PW 5 (31 Mar 99) News in Brief
     

Santosh Gangwar, Indias junior oil minister, has confirmed that the Indian oil ministry has made an in-principle decision to approve the new equity order at Petronet-LNG, with the removal of Indian Oil Corporation (IOC) and Bharat Petroleum, and their replacement by the National Thermal Power Corporation (NTPC).

Earlier, IPC, BPCL, ONGC and GAIL, each held 12.5% of Petronet-LNG. Under the new order, NTPC, GAIL and ONGC will each have 16.5%.

Final approval is awaited from the Indian cabinet. IOC has protested at its exclusion from Petronet-LNG.