Anglo-Dutch oil multinational Royal Dutch Shell's Indian arm on Monday said that it will acquire French oil major Total SA's 26 per cent stake in the Hazira liquefied natural gas (LNG) terminal in Gujarat.
"Shell Gas BV, a subsidiary of Royal Dutch Shell plc, has signed a binding Letter of Intent (LoI) with Total Gaz Electricite Holdings France to acquire its 26 per cent equity in the Hazira LNG and Port venture in India, subject to regulatory approvals," the statement said.
"The move will allow Shell commercial and operational flexibility over Hazira to maximise integrated value and offer creative customer value propositions. 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."
The Hazira LNG and Port venture comprises two companies -- Hazira LNG that operates an LNG regasification terminal in Gujarat; and Hazira Port that manages a direct berthing multi-cargo port at Hazira.
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