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. Last Updated: 07/27/2016

India Bids for Yamal LNG

A consortium of Indian companies — ONGC, Indian Oil Corporation and Petronet LNG — wants to buy a 15 percent stake in the Yamal LNG project, Petronet LNG chief executive A.K. Balyan told reporters.

Balyan said Tuesday that he hoped a final decision would be made in the next two months. The Yamal LNG total project cost is about $23 billion to $24 billion, he said.

Novatek and Total are partners in the Yamal LNG project, which should start producing 5 million tons of liquefied natural gas a year in 2016.