ONGC is no longer keen to acquire a stake in Russian natural-gas producer OAO Novatek's $20 billion Yamal LNG project. ONGC Videsh Ltd, the overseas arm 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 per cent stake in the project. But the company is no longer interested after it carried out a risk assessment of the project. Yamal LNG project comprises of development of the South Tambeyskoye field with proven deposits of 1.3 trillion cubic meters of natural gas and the construction of natural gas liquefaction plant (LNG) for producing 16.5 million tonnes of LNG a year by 2018.
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