Talks for Petronet stake sale to Qatar on: Ahamed

Talks on selling stake in Petronet LNG to Qatar are at a "very advanced stage," Minister of State for External Affairs E Ahamed said today.

Qatar is likely to pick up a holding in the firm through Qatar Investment Authority by subscribing to the $100 million foreign currency convertible bond issue, which is expected to be floated soon.

Qatar had been offered 10% stake in 2003 when Petronet floated its IPO.

Petronet had signed a 25-year contract with Ras Laffan Liquefied Natural Gas Company (RasGas) in 1999 for 7.5 million tonne per annum (MTPA) of LNG.

"India started receiving 5 MTPA in 2004 with the option of an additional 2.5 MTPA. We will get the 2.5 MTPA for sure from 2009," Ahamed was quoted as saying by the daily Peninsula.