India to import LNG from Mozambique: Veerappa Moily.

NEW DELHI: India needs to import more than 40 million tonnes of liquefied natural gas to meet domestic energy demand and Mozambique has agreed to supply gas in significant quantity from one of its largest fields where Indian companies holds 30% stake, Oil Minister Veerappa Moily said.

Mozambique wants the operators of the block to produce first gas by 2018, Minister for Mineral Resources Esperanca Bias told reporters after a bilateral meeting with the Indian delegation led by Moily here on Wednesday.

The government is willing to provide all help to the consortium to commence production. Indian firms have 30% stake and they should also work with their partners to expedite development of the field, she said. She was in India to attend Petrotech conference.

Moily said he would visit Mozambique next month to finalise an agreement that would facilitate Indian firms working in the county. "The visting minister has seen the draft MoU. It needs their parliament's approval," he said.

Officials attending the bilateral meeting said the $60 billion LNG project will fructify soon and imports from the project is expected by 2019.

ONGC Videsh, Oil India and Bharat Petroleum Corp have picked up 30% stake in the country's biggest gas field and they will also participate in the LNG project, OVL Managing Director DK Sarraf said.

"India has finalized a demand of up to 8 trains of LNG, starting with 4 trains," Moily said. Mozambique had asked for training people, he said. "We are starting just now and our people need training from Indian companies who have been there for a long time", said the Mozambique minister.

Source : economictimes.indiatimes.com