Shell to buy out Total in Hazira LNG terminal
Shell to buy out Total in Hazira LNG terminal
New Delhi, Aug 27 (PTI) Royal Dutch Shell today said it will acquire French oil major Total SA's 26 per cent 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 Royal Dutch Shell plc, has signed a binding Letter of Intent (LoI) with Total Gaz Electricit Holdings France to acquire its 26 per cent equity in the Hazira LNG and Port venture in India, subject to regulatory approvals,"it said in a statement.
Hazira LNG & Port venture comprises two 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, Royal Dutch Shell said.
This is published unedited from the PTI feed.
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