NEW DELHI, Sept 10 India's ONGC and
Oil India are unlikely to buy an 11 percent stake
being shed by Malaysian state firm Petronas in
Venezuela's Petrocarabobo petroleum project, sources close to
the companies said on Tuesday.
ONGC may not want to up its share as it is already seeking
to raise debt to fund recent acquisitions in Mozambique, one of
the sources said. Another source said Oil and Natural Gas Corp
is studying the possibility of buying Petronas' stake.
A source at Oil India also said his company was unlikely to
buy Petronas' stake.
Both sources declined to be identified because of the
sensitivity of the subject.
Oil India, ONGC, Indian Oil and Spain's Repsol
are all partners in a consortium with Petronas that
holds a 40 percent stake in the project. All of the companies
involved in the project, including PDVSA, have pre-emption
rights to the Petronas stake, the sources said.
ONGC has an 11 percent stake in the project while Oil India
and Indian Oil Corp hold 3.5 percent each.