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 making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »