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DELHI, September 29. /ITAR-TASS/. India’s state-owned Oil and Natural Gas Corp (ONGC) has abandoned its plans to acquire a stake in Russian natural-gas producer Novatek's Yamal LNG project, India's leading business daily, Business Standard, said on Monday.
ONGC Videsh Ltd, the overseas affiliate of India's largest oil and gas producer, along with Petronet LNG Ltd and Indian Oil Corp (IOC), was last year in negotiations with Novatek for a 9-10% stake in the project. But the company was no longer interested in it now after it carried out a risk assessment of the project, a source close to developments was quoted as saying.
Novatek leads the $27 billion Yamal LNG project in the Russian Arctic, which is expected to more than double Russia's share on the global liquefied natural gas market.
The project involves the development of the South-Tambeyskoye field with 1.3 trillion cubic meters of recoverable reserves and construction of a natural gas liquefaction plant with a view to supplying 16.5 million tons of the tanker-shipped fuel in 2018.