ONGC plans Lankan foray

ONGC is planning to foray into Sri Lanka with Ceylon Petroleum as a local partner.

Subir Raha, chairman and managing director, ONGC, said the corporation had initial discussions with the company and the response was positive. Interestingly, ONGC has been looking at this opportunity instead of ONGC Videsh Ltd, the overseas arm of ONGC.

"Since the blocks are close to where ONGC is operating, it has been decided the parent company will venture into Sri Lanka," Raha said.