Quantcast

ONGC Forks Out Money for Rosneft and YUKOS

Get the WebProNews Newsletter:
[ Business]

Oil and Natural Gas Corp. of India is in negotiation to lend $4 billion to Rosneft and buy part of YUKOS for $2 billion.

“ONGC has the backing of the petroleum ministry but we need the approval of the Cabinet Committee on Economic Affairs before going ahead,” said a top oil ministry official.

According to a Reuters article,

“Another official said ONGC was likely to acquire 16-17 percent equity in Yuganskneftegaz, a unit of YUKOS that was bought for $9.4 billion by an unknown Russian group, Baikal Finance, which was in turn bought by state-run oil producer Rosneft.

ONGC Chairman Subir Raha said he was negotiating “variants” of the deal in which Chinese state firm CNPC lent Rosneft $6 billion guaranteed by future crude oil deliveries.”

“We are working on different variants. I will not say anything beyond this,” he said.

Experts expect India’s demand for oil to increase about 5% a year for the next 20 years.

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.

ONGC Forks Out Money for Rosneft and YUKOS
Comments Off
Top Rated White Papers and Resources

Comments are closed.