Financial Daily from THE HINDU group of publications
Tuesday, Jan 10, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 10, 2006 |
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Corporate
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Overseas Investments IOC to finalise acquisition plans for African assets Our Bureau
Kolkata , Jan. 9 Indian Oil Corporation's (IOC) proposals for the acquisition of exploration, production and downstream assets in two to three African countries, including Gabon in West Africa, is expected to reach a definitive stage in the next two months. It is also gearing up to place its final bid for Canadian oil major Niko Resource's Indian assets next week. Talking to Business Line, IOC sources said that the company had taken a preliminary board approval for carrying out due diligence and evaluations for assets identified for the acquisition. A mixture of ,exploration, production (E&P) and refining, and downstream (including retailing) assets were identified. On whether they have come closer to acquiring any of the assets identified in Africa, a senior company official said that negotiations were still at a preliminary stage. "We will take another month and half to know whether we are closer to an acquisition." He, however, said that most of the E& P opportunities are `farm-in' in nature, whereby IOC would initially finance the development of the oil and gas blocks. The investment would later be converted into an equity stake in the asset. "We are also equally interested in participating in the bidding process for a suitable asset, as we did in Libya, as and when these opportunities come up," the official told Business Line. IOC has already acquired a stake in two exploration blocks in Libya.
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