Tatas have joined hands with state refiner Indian Oil and exploration firm Oil India Ltd to consider bidding for acquiring Caspian Energy Group LLP's (CEG) interest in an
Tata Petrodyne Ltd, a wholly-owned subsidiary of Tata Sons, has joined the IOC-OIL combine to make a bid to buy CEG's 51 per cent stake in the Shivran Oil Operating Company that runs the Kyurovdag oil field in Azerbaijan. The company is the vehicle for Tata Group's foray into the oil and natural gas industry.
ONGC-Mittal Energy Ltd (OMEL), the joint venture of ONGC Videsh Ltd and steel baron Lakshmi N Mittal's group, had in May made a 300 million dollar bid for the stake but the deal was cancelled after the reports of the bid appeared in the media. The remaining 49 per cent stake in Shivran Oil Operating Company is held by State Oil Company of Azerbaijan Republic (SOCAR).
No comments:
Post a Comment