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FINANCIAL NEWS
Qatar’s QP interested in buying ADB’s stake in India’s Petronet
28 Dec 2012
(MENAFN) Qatar Petroleum (QP) is interested in acquiring the 5.2-percent stake held by the Asian Development Bank (ADB) in India’s Petronet LNG, reported The Peninsula citing Indian media.
According to Press trust of India (PTI), this will remark the first case in which a liquefied natural gas (LNG) supplier buys a stake in an importing company.
Petronet, one of the fastest growing companies in the Indian energy sector, has approached Qatar Petroleum International, a 100 percent subsidiary of QP, offering ADB’s stake.
Although the Indian firm is registered as a private company, nevertheless, it is chaired by the country’s Oil Secretary, and India’s public sector oil firms own a 50-percent stake in it.
It is worth noting that the ADB has been trying to sell its stake in Petronet since 2011.
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