The Hindu Business Line : Total to take 26 pc stake in Shell Hazira

SHELL Gas BV, a member of the Royal Dutch/Shell Group of Companies, on Thursday announced that it had agreed to terms for Total Gaz Electricité Holdings France to take a 26 per cent share in the Hazira project. This would be subject to the requisite approvals from the Central and State Governments.

While the value and terms of the deal have not been disclosed, what is clear is that Total would take a shareholding of 26 per cent in each of the three companies that comprise the project. These include Shell Hazira Gas Private Ltd, Hazira LNG Private Ltd and Hazira Port Private Ltd.

Mr Vikram Singh Mehta, Chairman of Shell Group of Companies in India, said, "We are delighted to confirm this deal today and welcome Total to the project. This partnership is the culmination of a search to include a value-adding joint venture partner, who has common purpose with Shell's commitment to India."

According to Mr Marc den Hartog, Director (Gas &Power), Shell India Private Ltd, Total's interest in the project underscored an appreciation of Hazira's location, close to the growing markets for gas in north and north-west India. "The Hazira project is running on schedule to deliver gas in the fourth quarter of 2004. Engineering is complete and procurement activities are over. Contracts for the sale of regassified LNG are currently being matured and we intend to secure the first Hazira customers shortly. There is no change in the management and it is business as usual," Mr Hartog said.

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