Financial Daily from THE HINDU group of publications
Wednesday, Sep 28, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 28, 2005 |
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Corporate
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Outlook IOC optimistic of equity oil stake in Nigeria Pratim Ranjan Bose
Kolkata , Sept. 27 INDIANOIL is hopeful of acquiring equity oil stake in Nigeria. The company had earlier asked for equity oil stake in the State of Edo on condition of further investment in a greenfield oil refinery in the oil-rich State. The Edo Government had invited IndianOil to set up a grassroots refinery. Nigeria is the sixth largest oil exporter in the world. According to sources, IndianOil received a communication from Nigeria three weeks ago stating that the proposal for awarding equity oil was awaiting Presidential clearance. "Since then we have been waiting for a formal communication," a senior IndianOil official said. IOC has already proposed to take up the project on a joint venture basis with Edo State. The State Government had agreed to offer fiscal benefits to the project.
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