USD 63.9542

0

EUR 71.1299

0

BRENT 59.23

-0.06

AI-92 42.27

+0.01

AI-95 46.03

0

AI-98 51.75

-0.02

Diesel 46.26

+0.01

29

India's ONGC to Buy 12% of Brazil Block from Petrobras for $529M

Indian state-run explorer Oil and Natural Gas Corp said its overseas arm has agreed to buy an additional 12 percent stake in a Brazilian oil block from Brazil's Petrobras for $529 million.

India's ONGC to Buy 12% of Brazil Block from Petrobras for $529M India's ONGC to Buy 12% of Brazil Block from Petrobras for $529M

Indian state-run explorer Oil and Natural Gas Corp said its overseas arm has agreed to buy an additional 12 percent stake in a Brazilian oil block from Brazil's Petrobras for $529 million.

 

Petrobras had earlier agreed to sell its 35 percent stake in the block to China's Sinochem Group for $1.54 billion, but the deal was subject to pre-emption rights of ONGC and Royal Dutch Shell.

 

Shell is the operator of the block with a 50 percent stake, while ONGC already owns 15 percent of the block. Shell and ONGC Videsh served a pre-emption notice on Sept.

 

17 to jointly acquire the 35 percent stake, ONGC said in a statement to Indian stock exchanges on Monday. Reuters last month reported that the companies were planning to exercise their pre-emption right on the stake. 

Source : Neftegaz.RU