RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2018-01-22 08:00:00

ONGC BUYS FOR $5.78 BLN

ONGC BUYS FOR $5.78 BLN

REUTERSIndia's biggest explorer Oil and Natural Gas Corp (ONGC) has agreed to buy the government's majority stake in state-refiner Hindustan Petroleum Corp for 369 billion rupees ($5.78 billion), ONGC said on Saturday.

It will pay a premium of about 14 percent on HPCL's current market price for the 51.1 percent stake, the company said in a statement to the stock exchange. It expects to complete the transaction by end-January.

The deal is part of the government's objective to combine various public sector enterprises "to give them the capacity to bear higher risks" and create more value for shareholders, ONGC said.

Purchasing a stake in India's third biggest state-owned refiner would also help ONGC to diversify its cash flow and reduce its vulnerability to changing global crude prices, it added.

India's finance minister Arun Jaitley said in February that the country plans to form a national oil major by combining other state-owned firms. India also wants to expand in global oil markets to meet its growing domestic demand for fuel.

India has about a dozen state-owned oil and gas companies, with significant overlaps in operations. Alone they do not have the financial clout to rival global oil majors in bids for overseas exploration and production assets.

India is the world's third biggest oil consumer, importing about 80 percent of its crude needs. Prime Minister Narendra Modi has set a target to reduce dependence on oil imports by 10 percent by 2020.

ONGC will pay 473.97 rupees per share for HPCL. The closing price for the shares on Friday was 416.2 rupees.

The proceeds from the HPCL stake sale will also help the federal government pay for welfare programs. Asia's third-largest economy has said it aims to raise 725 billion rupees through the sale of government stakes in various companies.

-----

Earlier:

 INDIAN - IRANIAN GAS INVESTMENT
2017, July, 3, 13:50:00

INDIAN - IRANIAN GAS INVESTMENT

The Indian consortium led by the state-owned Oil and Natural Gas Corporation (ONGC) is willing to spend as much as $11bn to develop the giant Iranian natural gas field it discovered in 2008.

 

 

 INDIAN ONGC UP 197%
2017, February, 8, 18:30:00

INDIAN ONGC UP 197%

Indian ONGC reported profit of rupees 43.52bn ($0.65bn) in 3Q of fiscal 2016-17 as against rupees 14.66bn in the corresponding quarter of last year, a rise of 197%, the company said last week citing higher gross oil realisation as the primary reason.

 

 ONGC BUYS VANKOR
2016, September, 15, 18:35:00

ONGC BUYS VANKOR

Vankorneft is the operating company of the Vankor oil and gas condensate field and the North Vankor licence, in East Siberia, Russia. This acquisition will increase ONGC Videsh’s stake in the company to 26%. The company had previously acquired 15% in the project in May this year for USD 1.27 billion. The new transaction is expected to close by the end of the year.

 

 INDIAN - RUSSIAN ADVANTAGES
2016, June, 10, 14:25:00

INDIAN - RUSSIAN ADVANTAGES

ONGC Videsh Ltd. signed a $1.16 billion nine-month bridge loan on May 19 to fund the purchase of a 15 percent stake in Vankor field in Siberia from Russia’s Rosneft OAO, data compiled by Bloomberg show. Indian Oil Corp. plans a $1.2 billion fundraising for Russian investments in three or four months, including short- and long-term loans, Finance Director A.K. Sharma said in an interview on Wednesday. The average margin over benchmark rates on non-rupee loans for Indian refiners and explorers was 74 basis points this year, the lowest since 2006, the data show.

 

 РОСНЕФТЬ ПРОДАЛА 15%
2016, June, 3, 19:00:00

ROSNEFT SOLD 15%

The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in sphere of energy. ONGC gets substantial interest and relevant rights in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains major shares in the project and will operate on the field through the operator company RN-Vankor.

 ONGC APPROVES $5 BLN
2016, March, 29, 18:25:00

ONGC APPROVES $5 BLN

The board of India’s Oil & Natural Gas Corp. Ltd. approved a $5-billion offshore oil and natural gas development plan for the Krishna-Godavari basin off the country’s east coast.

 

 PETROBRAS & ONGC FIND GAS
2014, September, 25, 20:40:00

PETROBRAS & ONGC FIND GAS

Brazil's state-run oil company Petroleo Brasileiro SA discovered natural gas in a well being drilled to help measure the potential of a giant Brazilian offshore find, the company said in a securities filing on Wednesday.

Tags: ONGC, INDIA