Industry & Economy
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Petroleum
No regrets on losing Nigerian deal: Aiyar
Our Bureau
New Delhi
,
Jan 10
THE Petroleum Minister, Mr Mani Shankar Aiyar, today said that there were "no regrets" about letting go of the opportunity to acquire stake in Nigerian oil and gas fields.
The deal has been bagged by Chinese oil major, CNOOC, which on Monday announced the acquisition of 45 per cent interest held by Nigeria's South Atlantic Petroleum Ltd for $2.268 billion.
When asked whether India had any regrets of giving away to China the field, which ONGC Videsh Ltd (OVL) had won defeating the Chinese firm, Mr Aiyar said: "The decision to back off from the deal was taken quite deliberately and consciously by the Cabinet, and there are absolutely no regrets."
The Cabinet had, in December, shot down the OVL's proposal of acquiring 45 per cent stake in Nigeria's Akpo oil field. While refusing to give reasons for the Cabinet's refusal, the Petroleum Minister said that the terms appeared to be favouring the Nigerian seller more.
Mr Aiyar, who was speaking to newspersons on the eve of his two-day (January 12-13) official visit to China for further strengthening the energy co-operation between the two countries including joint bidding for acquisition of overseas oil and gas properties, said: "We believe that a co-operative relationship is not only desirable but eminently feasible."
He added: "The market will dictate competition among the companies from the two countries at sometime but there would be opportunities where it might be in the interest of both parties to co-operate and submit joint bids."
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