Indian energy firms are aggressively negotiating with OAO Novatek, Russia's second biggest gas producer after Gazprom, to acquire a minority stake in the $20-billion Yamal liquefied natural gas project. This is the last opportunity for the ONGC-led consortium, which includes include Indian Oil Corp and Petronet LNG, to purchase remaining 9 per cent stake in OAO Novatek's 16.5 mt LNG project after China National Petroleum Corp (CNPC) pre-empted its move and bought 20 per cent stake in the venture on 5 September for an undisclosed amount.
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