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Shell to buy French firm Total's stake in Hazira LNG terminal

IANS  |  New Delhi 

Anglo-Dutch multinational Royal Dutch Shell's Indian arm on Monday said that it will acquire French major Total SA's 26 per cent stake in the (LNG) terminal in

In a statement here, India, however, did not disclose the consideration involved in acquiring the stake in the company that operates the 5 million tonnes per annum capacity in

"Shell Gas BV, a subsidiary of plc, has signed a binding Letter of Intent (LoI) with to acquire its 26 per cent equity in the 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 in India, the fourth largest LNG consumer in the world."

The and Port venture comprises two companies -- that operates an LNG regasification terminal in Gujarat; and that manages a direct berthing multi-cargo port at Hazira.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 27 2018. 20:44 IST