69021
India to Sell Refinery Stake  to ONGC
India to Sell Refinery Stake  to ONGC

India to Sell Refinery Stake to ONGC

India to Sell Refinery Stake to ONGC

India’s cabinet has approved a plan to sell its entire 51.1% stake in the third-largest local refiner Hindustan Petroleum Corp to the country’s biggest explorer, state-held Oil and Natural Gas Corporation, and aims to finalize the deal by the end of the current Indian financial year through March 2018, Oil Minister Dharmendra Pradhan said, Oilprice.com reported. In early February this year, India’s Minister for Finance and Corporate Affairs Arun Jaitley said while presenting the 2017-18 budget in parliament that the country was planning to create an integrated public-sector oil major to match the performance of huge international private sector oil and gas companies. Speaking to ET Now on Monday, the minister said that it was too early to speculate on a price of the deal. The stake sale is reportedly valued at around $4.6 billion. According to Pradhan, there will be significant synergies and enhanced capacity from the sale of HPCL stake to ONGC, and HPCL can maintain its brand identity post-stake sale to ONGC.

 

Short URL : https://goo.gl/dFP2ty
  1. https://goo.gl/K5U6aG
  • https://goo.gl/5xKaAn
  • https://goo.gl/YvkTBK
  • https://goo.gl/3E49DK
  • https://goo.gl/u5sZcb

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Real growth of the oil sector was  14.77% year-on-year in Q1.
Nigeria’s economy expanded for a fourth straight quarter in...
Investments by state enterprise rose 11.5% from a year earlier.
Thailand produced its fastest economic growth in five years in...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...
Copper Edges Up
Copper edged higher on Monday after China and the United...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus