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British gas enters race for Dabhol LNG terminal
Gas major British Gas India (BGI) has joined Anglo-Dutch energy giant Royal Dutch Shell and state-owned Gas Authority of India Ltd (GAIL) in the race for acquiring Liquefied Natural Gas (LNG) facilities of fallen energy group Enron Corp. at Dabhol in Maharashtra.
Gas major British Gas India (BGI) has joined Anglo-Dutch energy giant Royal Dutch Shell and
state-owned Gas Authority of India Ltd (GAIL) in the race for acquiring Liquefied Natural Gas (LNG) facilities of fallen energy group Enron Corp. at Dabhol in Maharashtra.
“We are interested in LNG terminal and regassification facilities of battered Dabhol Power Company (DPC). We have already communicated our intent to the Indian Financial Institutions (FIS),” British Gas India chairman C R Prasad told news persons in New Delhi. Prasad said a dedicated team has begun negotiations with Industrial Development Bank of India (IDBI) led consortium of Indian lenders to the project, who are talking to potential buyers of the 85 per cent offshore equity in the $ 2.9 billion Dabhol power project.
Though the option of selling Enron's 65 per cent and Bechtel and General Electric's 10 per cent stake each in DPC is being pushed through, an option being explored by FIS' is to sell the 5.5 million tonnes LNG import facilities separately. Prasad, however, refused to spell out future course of action saying any offer price could only be decided after due diligence of the LNG facilities.
He hastened to add that acquisition of Enron's LNG facilities would not affect development of BGI's 2.65 million tonnes LNG import terminal at Pipavav in Gujarat.
“We are proceeding with the development of the terminal as per schedule. We are targetting first gas at Pipavav in mid-2005,” Prasad added. Bureau Report
“We are interested in LNG terminal and regassification facilities of battered Dabhol Power Company (DPC). We have already communicated our intent to the Indian Financial Institutions (FIS),” British Gas India chairman C R Prasad told news persons in New Delhi. Prasad said a dedicated team has begun negotiations with Industrial Development Bank of India (IDBI) led consortium of Indian lenders to the project, who are talking to potential buyers of the 85 per cent offshore equity in the $ 2.9 billion Dabhol power project.
Though the option of selling Enron's 65 per cent and Bechtel and General Electric's 10 per cent stake each in DPC is being pushed through, an option being explored by FIS' is to sell the 5.5 million tonnes LNG import facilities separately. Prasad, however, refused to spell out future course of action saying any offer price could only be decided after due diligence of the LNG facilities.
He hastened to add that acquisition of Enron's LNG facilities would not affect development of BGI's 2.65 million tonnes LNG import terminal at Pipavav in Gujarat.
“We are proceeding with the development of the terminal as per schedule. We are targetting first gas at Pipavav in mid-2005,” Prasad added. Bureau Report