Financial Daily from THE HINDU group of publications
Saturday, Mar 11, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 11, 2006 |
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Corporate
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Overseas Investments Industry & Economy - Petroleum Oil India, IOC to buy 90 pc stake in African block Our Bureau
Plans on the anvil Oil India plans a capital expenditure of Rs 1,800 crore in 2006-07 (April-March) compared with Rs 1,200 crore for the current financial year. It also plans to increase its stake in Numaligarh Refinery to 26 per cent from the existing 12.3 per cent.
New Delhi , March 10 The Indian Oil Corporation-Oil India Ltd combine will shortly sign an agreement to acquire stake in an oil and gas block in Gabon, Africa. Speaking to mediapersons here, the Director (Finance) of Oil India, Mr M.R. Pasrija, said, "Oil India and Indian Oil will soon sign an agreement to buy 90 per cent participating interest in a block in Gabon."
Equal stake
Both Indian Oil and Oil India will have 45 per cent stake each in the block, he said. The consortium will invest $12.5 million to buy the stake and will spend another $50 million on its development. Oil India will be operator of the block, Mr Pasrija said.
OIL's plan
Oil India plans a capital expenditure of Rs 1,800 crore in 2006-07 (April-March) compared with Rs 1,200 crore for the current financial year. "We are planning to lay the Numaligarh-Siliguri pipeline at an estimated cost of Rs 460 crore; that is why our capital expenditure is higher," he said.
Eyes 3.5 mt crude
The company is targeting to produce 3.5 million tonnes crude oil in the next financial year compared with a likely 3.24 million tonnes output in the current year. Oil India also plans to increase its stake in Numaligarh Refinery to 26 per cent from the existing 12.3 per cent . "Ultimately, our plan is to increase our stake to 50 per cent in the refinery," he added. Numaligarh Refinery is owned by Bharat Petroleum Corporation Ltd, which holds 64 per cent. While 12.3 per cent is held by Oil India, the remaining is held by the Oil Industry Development Board and the Assam Government.
More Stories on : Overseas Investments | Petroleum
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