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India Cabinet Approves Oil and Natural Gas Corporation Ltd Stake Buy In Azerbaijan Project-DJ

Thursday, 31 Jan 2013 05:14am EST 

Dow Jones reported that India's federal cabinet approved an estimated $1 billion stake purchase by ONGC Videsh Ltd., the overseas investment arm of state-run Oil and Natural Gas Corporation Ltd, in an oil and gas project in Azerbaijan. In September, ONGC Videsh agreed to buy a 2.7% stake from Hess Corp. in the Azeri, Chirag and Guneshli fields in Azerbaijan and a 2.4% interest in the associated Baku-Tbilisi-Ceyhan pipeline for a total of $1 billion.