ONGC ropes in Hindujas to buy overseas oilfields

Oil and Natural Gas Corporation (ONGC) is roping in the Hinduja Group for acquiring oilfields abroad and sourcing liquefied natural gas (LNG).

While ONGC roped in the Mittal Group to use its 'influence' in African and Central Asian countries to acquire oil and gas fields, the company is now tapping the Hindujas to leverage their business relations in oil and gas rich Middle East, industry sources said.

A formal agreement to float a 51:49 joint venture is likely to be signed this month with ONGC holding the majority stake.

The ONGC-Hinduja venture has initially identified seven countries - Iran, Qatar, Kuwait, Libya, Oman, Saudi Arabia and UAE - for acquiring stake in oil and gas fields and firming up LNG supplies.(PTI)