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HPCL backs out of Shell Hazira LNG project

Wednesday, 01 Nov 2006
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It is learnt that Hindustan Petroleum Corporation has backed out from the race to acquire a substantial stake in Royal Dutch Shell's LNG terminal at Hazira. This was even after submitting a non-binding offer and completing the due diligence of the terminal.

The development was attributed as inability of Shell to give a commitment of assured LNG supply on a long-term basis. Besides HPCL, Bharat Petroleum Corp (BPCL), Indian Oil Corp (IOC) and GAIL are also in talks with Shell for buying stake in the terminal.

Total of France has 26 per cent interest in each of the three companies that comprise the Hazira LNG terminal and the port - the port company, the LNG terminal company and the marketing company.

HPCL has already conducted a detailed feasibility study for this project and the project cost is pegged at around Rs.2,600 crore. The scope of developing LNG terminal at Mundra also includes associated gas evacuation pipelines from Mundra to Delhi.

Also See:

Gail to use Shell Hazira terminal on toll basis (10-Feb-06)

Hindustan Petroleum Corpn. Ltd.
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