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Shell to buy out Total in Hazira LNG terminal

Press Trust of India  |  New Delhi 

today said it will acquire French major Total SA's 26 per cent stake in the company that operates 5 MTPA LNG terminal in

The size of the deal was however not disclosed.

"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,"it said in a statement.

LNG & Port venture comprises two companies -- that operates an LNG terminal in and Hazira Port, which manages a direct berthing multi-cargo port at Hazira.

"The move would allow Shell commercial and operational flexibility over Hazira to maximise integrated value and offer creative customer value propositions," it said.?

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, said.

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

First Published: Mon, August 27 2018. 16:25 IST