The Telegraph
Since 1st March, 1999
Email This PagePrint This Page
Iffco puts riders for stake in Petronet

New Delhi, Sept. 17 (PTI): Indian Farmers Fertiliser Co-operative Ltd has demanded at least 0.5 million tonnes of liquefied natural gas in lieu of its 10 per cent equity participation in Petronet LNG Ltd.

“When other equity holders have been given (gas) offtake agreements, Iffco too should be given gas equivalent to its share of investment,” managing director U. S. Awasthi said here.

Iffco and Krishak Bharati Co-operative Ltd (Kribhco) are currently in discussion with PLL, a consortium of oil PSUs for import of LNG from Qatar, for picking up 10 per cent equity each in the five-million tonne Dahej LNG import project. “We want to participate in PLL for the gas which we plan to use as feedstock in our plants,” he said.

Gail India Ltd, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL), which hold 12.5 per cent stake each in PLL, are main customers of the LNG imported from Qatar on take-or-pay basis. Gail will market 60 per cent of the 20 million cubic metres of gas per day (5 million tonnes) while IOC has a committed offtake of 30 per cent. The remaining 10 per cent would be marketed by BPCL. Oil and Natural Gas Corporation (ONGC) is the fourth promoter with 12.5 per cent stake in PLL which plans to begin imports from December 2003.

“We want at least 0.5 million tonnes of LNG,” Awasthi said, adding that PLL sounded positive to its demand in the last couple of rounds of discussions.

Email This PagePrint This Page