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Oil and Natural Gas Corporation Ltd, Oil India Unlikely To Buy Petronas' Stake In Venezuela Project-Business Standard


Tuesday, 10 Sep 2013 03:33am EDT 

Business Standard reported that Oil and Natural Gas Corporation Ltd and Oil India are unlikely to buy an 11% 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. 

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