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Indian Oil eyes E&P assets abroad

09th January 2014

Indian ministry of petroleum and natural gas to discuss Indian Oil’s proposal on overseas acquisitions with cabinet committee on economic affairs

Indian Oil eyes E&P assets abroad
Indian Oil has allocated more than USD 1bn to acquire E&P assets abroad

Indian Oil (IOC) is vying for stakes in E&P assets abroad as part of plans to expand its operations overseas, The Hindu Business Line reported on Wednesday.  

The company has plans to invest more than USD 1bn in international assets including shale gas assets in the US.

Vivek Rae, the oil ministry secretary, said IOC will need a green light from the government and the country’s cabinet committee on economic affairs (CCEA) before moving ahead, as its planned investments exceed USD 800m. 

The Indian oil ministry will soon meet with the CCEA to discuss the proposal.

Additionally, IOC has initiated discussions with Petronas to acquire its 10 per cent stake in Canada's Progress Energy Resources.

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