UNOCAL SEEKS TO TAKE 26% IN HIND OIL EXPLORATION

Article Abstract:

Unocal Corporation (UC) of the US has sought the Indian goverment's approval to pick up 26 percent stake in Hindustan Oil Exploration Company Ltd (HOEC) which produces oil from an offshore site near Pondicherry. The shares will be sold at Rs52 per share. Under the proposed scheme, UC will get 15.28 million shares through preferential allotment for a consideration of Rs80 crore. HOEC plans to utilise these funds in its ongoing expansion and development projects. Other equity holders in HOEC will be Hardy Oil with 15 percent stake, Infrastructure Leasing and Financing Corporation (IL&FS) with six percent and Housing Development Finance Corporation (HDFC) with nine percent stake. (gs)

Comment:

Seeks Indian goverment's approval to pick up 26% stake in Hindustan Oil Exploration

Crude Petroleum and Natural Gas Extraction, Crude Petroleum, Unocal Corp., Article, Hindustan Oil Exploration Company Ltd.

IOC DECIDES TO GO FOR EQUITY SWAP IN DEAL WITH ONGC

Article Abstract:

The Indian Oil Corporation (IOC) has decided to opt for equity swap deal with the Oil and Natural Gas Corporation (ONGC) when the Government of India divests its stake in the 2 companies. The Petroleum Ministry of the Government of India has approved cross- holding of stakes by the Indian Oil Corporation and the Oil and Natural Gas Corporation. The swap deal is considered to be better as both the companies plan to diversify into upstream and downstream projects. The Government's stake will be reduced in both the companies in favour of the Indian Oil Corporation or the Oil and Natural Gas Corporation. (rk/kvr)

Oil and Natural Gas Corporation Ltd., Indian Oil Corporation Ltd.

SHELL PULLS OUT OF BPCL JOINT VENTURE

Article Abstract:

Royal Dutch Shell has officially confirmed its decision to move out of the joint venture with Bharat Petroleum Corporation Ltd (BPCL). It had submitted a proposal to the Government to form a vertically integrated refining and marketing venture with a public sector undertaking about two years back. Shell is not keen on a refining venture alone as the profit margins are low. Marubeni and Unocal have now shown interest in the joint venture with BPCL. (rk)

Comment:

Royal Dutch Shell has officially confirmed its decision to move out of the joint venture with Bharat Petroleum Corporation Ltd (BPCL).

Royal Dutch-Shell PLC, Bharat Petroleum Corporation Ltd.