India Gas Solutions, the new joint venture company of Reliance Industries and BP has held initial talks to pick up a stake in an existing operator of a liquefied natural gas (LNG) import terminal, sources close to the company said. The joint venture was set up for gas marketing and infrastructure and is expected to count on BP's global portfolio to source LNG, which is increasingly being used in India as domestic output of natural gas is declining. "We have had preliminary discussions with an LNG terminal operator and are looking to pick up equity in the company," said a source close to the development. Industry watchers and market players that track RIL closely told ET that Shell-Hazira was a likely target, if any partner wants to sell some stake. Reliance has already been importing LNG through this terminal. Last March RIL entered into a two-year pact with Hazira LNG to import spot LNG every month.
Source: Economic Times
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