LONDON - The Indian government formally approved ONGC Videsh Ltd’s (OVL) 102.21 mn USD investment in a Qatar-based project and also its formation of a joint venture with CVP/Petroleos De Venezuela SA (PDVSA).
ONGC Videsh is a unit of Oil & Natural Gas Corp, India’s largest oil and gas exploration company.
The government also authorised ONGC Videsh to directly invest in Najwat Najem appraisal, development and production sharing agreement (NNADPSA) Qatar project.
The joint venture with the Venezuelan company will be formed — or development of San Cristobal field located in the Orinoco oil belt, directly or through OVL’s wholly owned unit, a government release said.
The Qatar-based project, in which OVL can obtain a 40 pc stakes, will be the company’s first property in Venezuela.
India said ONGC can provide funding and guarantee support to OVL in both projects, without seeking budgetary support from the government.
4 Comments
its a good desicion by indian goverment,it gives relief to companies who wants to investment in forigen coumtries.
Our realty is on the way to become global.
It is good for the growth of indian companies
That’s the good by the Indian government.Because india have need for these types of the lubricants which will be very effectfull for us.