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India Energy Firms Are Said to Discuss Buying Arctic LNG 2 Stake

  • Petronet LNG, ONGC Videsh mull 9.9% stake in Russian project
  • The $11-billion Arctic plant faces issues getting EU financing
Arctic tanker Christophe de Margerie

Photographer: Alexander Ryumin/TASS/Getty Images

India’s top energy companies, Petronet LNG Ltd. and ONGC Videsh Ltd., are having discussions about buying a stake in Russia’s planned liquefied-gas project Arctic LNG 2 as their government seeks to secure supplies of the cleaner burning fuel. 

Talks about acquiring a joint 9.9% stake from Novatek PJSC are still continuing and no final decisions have been made, according to a member of the Indian energy delegation in Moscow, who is involved in the negotiations and spoke on conditions of anonymity as the matter isn’t public.