Gaz de France takes 10% stake in Petronet LNG

French gas major Gaz de France SA will pick up a 10% stake in Petronet LNG Ltd., building on an existing "strategic partnership" with the Indian national gas pipeline company. Gaz de France Chief Executive Officer Pierre Gadonneix said his company had "identified India as one of our four priority investment areas."


MUMBAI�French gas major Gaz de France SA will pick up a 10% stake in Petronet LNG Ltd., building on an existing "strategic partnership" with the Indian national gas pipeline company.

Gaz de France Chief Executive Officer Pierre Gadonneix said his company had "identified India as one of our four priority investment areas, [and] intend[ed] to play a major role in this country in the fields of liquefied natural gas purchase, conception and operation of a receiving gas terminal, land transport and gas sales."

Gadonneix said the shareholding agreement would be signed before Jan. 31, 2001.

The French major will float a separate joint venture (JV) company for operation and maintenance of Petronet�s 5 million tonnes per year regasification terminal at Dahej on the Gujarat coast.

The new company will be formed with Gaz de France as the majority shareholder, and will take in EPC contractors as minority equity holders, in order to ensure rapid indigenization of the operation and maintenance services for the company.

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