GAIL eyes stake in Papua New Guinea LNG project

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GAIL eyes stake in Papua New Guinea LNG project

04/13/2010 03:00:00 PM

New Delhi, Apr (EPC News): India's flagship Natural Gas Company, GAIL India is in talks with Interoil Corp for a possible stake in the Canadian oil firm's proposed liquefied natural gas project in Papua New Guinea.

"We are still talking to them. Nothing has been concluded as yet," B C Tripathi, Chairman and Managing Director, GAIL India said.

The venture would cost about $5 billion for a plant producing 3.5 million tonnes a year of LNG, with shipments due to start in 2014.

When asked about reports that GAIL's talks with InterOil Corp had run into trouble over pricing issues, he said, "Talks are still on... it is at a preliminary stage."

Tripathi did not say what percentage of stake GAIL would get in the project. The Canadian company is believed to have asked GAIL for a 'resource payment' of $5.03 million apart from equity contributions as strategic investors.