A subsidiary company of India’s Oil & Natural Gas Corporation (ONGC Videsh) would like to buy a 15 percent stake in Yuganskneftegaz, the former crown jewel of Yukos Oil Company
Published:
9 January 2005 y., Sunday
A subsidiary company of India’s Oil & Natural Gas Corporation (ONGC Videsh) would like to buy a 15 percent stake in Yuganskneftegaz, the former crown jewel of Yukos Oil Company. The Indian company is ready to pay up to $2 billion for the stake, the Indian Business Standard newspaper reported on Friday, January 7.
ONGC Videsh is a 100 percent subsidiary of Indian Oil & Natural Gas Corporation (ONGC), which strives to increase its presence on the international markets. ONGC Videsh is already working on a joint oil project with state-owned Rosneft Oil Company which is the new owner of Yuganskneftegaz. In addition to projects in Russia the Indian company works in Sudan and plans to extract diamonds in Equador.
The representatives of ONGC Videsh already submitted their proposal to buy a stake in Yuganskneftegaz to the government of India. As Business Standard reported, the Indian Oil and Natural Gas Ministry discussed this question on Tuesday, January 4, but came to the conclusion that the company is not ready yet for such a deal. “We are worried that a lot of legal problems may arise,” said a representative of the Indian authorities.
Meanwhile the management on ONGC Videsh wants to accelerate the deal because it is wary of possible competition from Chinese oil companies.
Šaltinis:
MosNews
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »