Coal News We love to talk!
ONGC Videsh (OVL) and Oil India will split equally the 10 per cent stake they acquired in a giant Mozambique gas field from Videocon Group for $2.475 billion. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), and OIL had jointly bought Videocon Group's 10% interest in the Rovuma Area-1 for $2.475 billion.
This stake was originally envisaged to be split in 60:40 ratio with OVL getting the larger share. But with OVL on its own buying US energy major Anadarko Petroleum's 10 per cent stake in the same block for $2.64 billion, the Videocon stake will be split 50:50, a top official in the consortium said.
"We had decided that in case OVL is successful in buying Anadarko's 10% stake, then the Videocon's shares will be split 50:50 and not 60:40," the official said. "This was a pre-decided arrangement." Videocon, he said, was originally seeking over $2.8 billion for the 10% stake in the block.
- Gas price hike in April likely to be flat Read more
- Oil India, IOCL to relinquish Yemen block due to deteriorating political situation Read more
- IDFC PE buys 15% stake in Diliigent Power project Read more
- Shah panel report vindicates our stand, says ONGC Read more
- Goyal takes up Adani project with Australia Read more
- Solar power to be focusof shift in future energy needs: Mukesh Ambani Read more
- Indian Oil's Paradip refinery may start commercial operations in March Read more
- Power tribunal hit by manpower shortage Read more
- Thermal power generation slips year-on-year in December Read more
- Moily flays Kejriwal on gas prices Read more