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This is an archive article published on September 26, 2013

OVL to borrow $4 billion for Mozambique gas field stake

OVL and Oil India Ltd (OIL) are jointly buying a 10 per cent stake in Mozambiques offshore Rovuma Area 1 from Videocon for $2.475 billion.

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ONGC Videsh Ltd,the overseas arm of state-owned Oil and Natural Gas Corp (ONGC),plans to borrow a record $4 billion to fund its back-to-back acquisitions of stakes in a giant Mozambique gas field.

OVL and Oil India Ltd (OIL) are jointly buying a 10 per cent stake in Mozambiques offshore Rovuma Area 1 from Videocon for $2.475 billion.

 

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