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Shell to buy out Total in Indian Hazira LNG terminal

Shell will acquire Total's 26 % stake in the company.

Shell to buy out Total in Indian Hazira LNG terminal Shell to buy out Total in Indian Hazira LNG terminal


New Delhi, August 27 - Neftegaz.RU. Royal Dutch Shell today said it will acquire French oil major Total's 26 % stake in the company that operates 5-MTPA Hazira LNG terminal in Gujarat.

 

The size of the deal was however not disclosed. «Shell Gas BV, a subsidiary of Shell, has signed a binding Letter of Intent (LoI) with Total Gaz Electricité Holdings France to acquire its 26 % equity in the Hazira LNG and Port venture in India, subject to regulatory approvals,» it said in a statement.

 

Hazira LNG & Port venture comprises 2 companies - Hazira LNG that operates an LNG regasification terminal in Gujarat and Hazira Port, which manages a direct berthing multi-cargo port at Hazira.

 

«The move would allow Shell commercial and operational flexibility over Hazira to maximise integrated value and offer creative customer value propositions,» it said. This portfolio action is consistent with Shell's strategy to deepen its presence in the gas value chain in India, the fourth largest LNG consumer in the world, Shell said.

 

Source : Neftegaz.RU