India's Oil Ministry may reportedly block any attempt by state-owned Oil and Natural Gas Corporation Limited (NSEI:ONGC), Bharat Petroleum Corporation Limited (NSEI:BPCL), GAIL (India) Limited (NSEI:GAIL), Indian Oil Corporation Limited (BSE:530965) to buy 10% stake of France''s GDF International S.A. in Petronet LNG Limited (BSE:532522) as it is keen to keep the liquefied natural gas importer a private limited company. GDF, a unit of French energy giant Engie Energia Peru S.A. (BVL:ENGIEC1), has written to sell its entire stake in Petronet to the company's principal promoters -- gas utility GAIL India Ltd, explorer Oil and Natural Gas Corp (ONGC) and refiners Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL). At present, the four companies hold 49.99% stake of Petronet.

If any of the promoters were to buy GDF''s stake, the combined shareholding of state-owned firms will rise above 50% and will lead to conversion of Petronet into a public sector company, something that oil ministry does not want, sources privy to the development said.