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ONGC won't sell its stake in IOC: Raha
NEW DELHI: Oil and Natural Gas Corporation (ONGC) has stated that they are not going to sell its stake in India Oil Corporation. Announcing this, ONGC?s Chairman and Managing Director, Subir Raha said, ?I am not selling the stake. I will hold it as an investment.? The two companies had bought shares of each other in 1999 under instructions from the Government of the India, which wanted to ensure it got enough money from the sale of state-owned businesses. ONGC holds a 9.6 percent stake in the Indian Oil Corporation. Commenting on crude from Nigeria, Raha said that India would start buying 120,000 barrels per day (bpd) of Nigerian crude oil in the next two months. IOC already has a term contract for 40,000 bpd. Whereas, the ONGC-Mittal joint venture will be able to take another 80,000 bpd. The joint venture firm signed an agreement in November to invest in Nigerian infrastructure, in exploration activities and also to buy Nigerian crude. Raha said the firm's agreement with Nigeria would be followed up with a binding contract in two months.