ONGC proposes to go alone in $6 bn Mozambique gas stake buy

Posted By: Religare
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Oil and gas giant, Oil and Natural Gas Corp (ONGC), has proposed to go alone for the acquisition of 20 per cent stake in the Rovuma basin gas block in Mozambique worth Rs $5-6 billion.

ONGC also said that it was not in talks with any global major to share the cost of acquisition as funds were not a constraint, said the media reports.

ONGC, CMD, Sudhir Vasudeva, on the issues that ONGC is in talks with Shell India for the stake said, "There is no such plan and besides we don't need any foreign player to join us for acquiring this 20 per cent stake... We can do it all by ourselves, and Oil India was already there with it."

Shell is also one of the contenders for a 10 per cent stake in the block. A decision on the stake sale may be taken soon, added Vasudeva.

Moreover, ONGC is also in the process of deciding upon an investment of Rs. 25,000 crore for putting up a gas-processing terminal in Maharashtra along with a gas-based fertiliser plant or a 2,200- MW power plant.

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