Malaysia’s Petronas keen to buy stake in IOCL’s LNG terminal at Ennore

Petronas, Malaysia’s state-owned oil and natural gas producer, intends to purchase a stake in Indian Oil Corporation Limited’s under-construction 5million tonnes per year liquefied natural gas (LNG) import terminal at Ennore. The move is in its preliminary stages at present. IOCL holds a 95 per cent stake in the Rs 51.51 billion Ennore LNG import terminal, which is expected to be completed by June 2018, while the Tamil Nadu Industrial Development Corporation (TIDCO) has 5 per cent stake. The state-owned refiner wants to retain a minimum 50 per cent stake in the project and so, a 45 per cent stake is available for the transaction.