A consortium of ONGC Videsh Ltd., GAIL ( India ) Ltd. (532155.BY) and Petronet LNG Ltd. (532522.BY) may bid for a stake in OAO Novatek's (NVTK.RS) liquefied natural gas project in Russia , Joeman Thomas, managing director of ONGC Videsh said Monday.

ONGC Videsh is the overseas investment arm of state-run explorer Oil & Natural Gas Corp. (500312.BY).

The consortium is expected to make a bid soon and is looking for less than 20% of the $30 billion LNG project of Russia's biggest independent natural gas producer, Novatek, in the country's Yamal peninsula, Thomas told reporters.

"Novatek has a 51% stake in the project. They are looking for foreign investors for the remaining 49% stake in the project," Thomas said.

In March, French energy giant Total SA (TOT) paid $4 billion for a 12% stake in Novatek and raise the equity stake to 19.4% within three years. The deal also gives it a 20% share of Novatek's LNG project in Yamal.

"Novatek is looking for new players, technology in the project," Thomas said, adding that the project is attractive as Russian authorities have given tax holidays.

Novatek has said it plans to launch Yamal LNG in 2016 and eventually reach production of 15 million tons of liquefied natural gas a year.

Indian upstream companies have been working to acquire energy assets overseas to boost energy security for its rapidly growing economy and burgeoning population.
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