GAIL is holding talks with Interoil Corporation, the Canada based oil
company, for a possible stake in its proposed liquefied natural gas (LNG)
terminal project in Papua New Guinea.
The projects is likely to cost about $5 billion (approx Rs 22,750 crore) for
a plant producing 3.5 million tpa of LNG, with shipments due to start in 2014.
Meanwhile, China National Offshore Oil Corporation is already working with
Interoil and the Papua New Guinea owned Petromin PNG Holdings on commercial
terms for financing the government's stake in the project.