August 1, 2012. After Oil Ministry veto, three state-owned oil firms IOC, ONGC and BPCL have decided not to press for acquiring Asian Development Bank's stake in Petronet LNG Ltd, the nation's largest liquefied natural gas importer. The ADB offered to sell its 5.2 per cent stake in PLL, in which GAIL, Indian Oil (IOC), Bharat Petroleum (BPCL) and Oil and Natural Gas Corp (ONGC) hold 12.5 per cent stake each and have a first right of refusal. The board of all the four promoter companies approved exercising the first right of refusal over ADB stake and cash buyout of the multilateral lending agency's interest.