Search Result for : Ongc Videsh Ltd

The Dollar Business Bureau ONGC Videsh Ltd (OVL), the overseas arm of state-owned explorer Oil and Natural Gas Corporation (ONGC), has raised $1 billion via the issue of US dollar bonds to fund its acquisition of 15% shareholding in Russia oil and gas field - The Vankor Field, the company said on Thursday. “OVL raised $600 million through a 10-year bond at a coupon rate of US treasury rate plus 2.20 percent and another $400 million through a 5.5-year maturity bond at an interest rate of US treasury rate plus 1.75 percent,” said Narendra K Verma Managing Director, OVL. “In the current scenario, these are one of the lowest cost financing rates,” he added. The earnings from the issue would be used to refinance a bridge loan of $1.2 ...

The Dollar Business Bureau India is in initial discussions with Russia to swap the natural gas with China and Myanmar as a substitute to creating world’s costliest pipeline, which is estimated to be around $25 billion. In October, the two countries had inked an initial agreement for building a 4,500-6,000 km long pipeline from Siberia to the third biggest energy consuming country of the world. Discussions are on with Russia’s Gazprom for an alternative swap, said Narendra K Verma, Managing Director, ONGC Videsh Ltd on the sidelines of Petrotech 2016 conference in New Delhi. Through an existing pipeline, Myanmar supplies gas to China. If Russia can give the same amount of gas to China, then it can reverse the gas flow from Myanmar to ...

The Dollar Business Bureau Union Oil Minister Dharmendra Pradhan said that India is taking a lead for creating an alliance of gas importers all over the world for ‘reasonable and affordable pricing’. Pradhan told the reporters, "We must have cooperation between all the LNG (Liquefied Natural Gas) and gas consuming countries, we must create a situation for a reasonable, rational and affordable price. India is taking the lead to create a network between these major gas consumers.” He added that calling gas an important fuel will be an important constituent for the country’s energy basket. The state-run GAIL is taking a lead in the negotiations between companies at the international level. GAIL is already in contact with the companies in South Korea and Japan. ...

The Dollar Business Bureau ONGC Videsh Ltd. (OVL) and Rosneft Oil Company have completed the acquisition of 15% shares in Vankorneft JSC, ONGC said in an announcement on Tuesday. In September last year, ONGC had signed a proposal to acquire 15% stake in Russia’s second biggest oil field of Vankorneft from Rosneft for $1.27 billion. “The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in the sphere of energy,” Rosneft said in a statement. “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 ...

Source: PIB, Government of India The Prime Minister, Narendra Modi with the President of Turkmenistan, Gurbanguly Berdimuhamedov at the Press Statements, in Ashgabat, Turkmenistan on July 11, 2015. Source: PIB, Government of India The TAPI Gas Pipeline could transform regional economic cooperation and bring prosperity along the route. The above statement was made by Prime Minister Narendra Modi as part of a media statement in Turkmenistan. He also said to the Turkmenistan President that both the countries should explore multiple options, including the additional possibility of land-sea route through Iran. The PM also said - I conveyed our interest in long term investment in the energy sector in Turkmenistan. We welcome the decision by ONGC Videsh Limited to open an office in ...

Source: PIB, Government of India Exchanging of gift between the Prime Minister, Narendra Modi and the President of the Republic of Kazakhstan, Nursultan Nazarbayev, at Akorda President's Palace, in Astana, Kazakhstan on July 08, 2015. Source: PIB, Government of India.   The Prime Minister, Narendra Modi, today called for stepping up economic engagement between India and Kazakhstan in a big way. Addressing a business roundtable attended by members of the business community from both India and Kazakhstan, the Prime Minister praised the huge strides made by Kazakhstan in economic progress over the last decade. Noting that Kazakhstan has been blessed with vast natural resources, the Prime Minister emphasized that India has huge demand for these resources, and therefore, both countries have ...

Source: PIB, Government of India The Minister of State for Petroleum and Natural Gas (Independent Charge), Dharmendra Pradhan (Left) meeting the Russian Energy Minister, Mr. Alexander Novak on the sidelines of OPEC, in Vienna on June 03, 2015. Source: PIB, Government of India.   Dharmendra Pradhan, India's Minister of State (I/C) for Petroleum and Natural Gas, met his counterparts from Russia, and various other nations at the 6th OPEC International Seminar. During his meeting with Russian Energy Minister Mr Alexander Novak, the two Ministers agreed to expand bilateral energy cooperation. It was agreed to conduct a joint study at an early date for exploring feasibility of crude and gas pipelines from Russia to India. India showed interest to import LNG and crude ...