Indian firms to tie with Iraq on oil

Published on People’s Daily online, May 14, 2007.

Indian public sector firm Oil and Natural Gas Corporation Videsh Ltd. (OVL) and a private sector firm Reliance Industries Ltd (RIL) could soon tie up to strike a strategic relationship for overseas gas and oil projects, national daily, The Hindu, reported Monday.

The newspaper reported that OVL is keen to revive talks with Iraq to get a stake in its Tuba oilfield. The newspaper quoted an unnamed official from OVL as saying that they were open to more of such partnerships with RIL.

It is reported that OVL had already completed negotiations with the Iraqi Government for the stake in the oilfield but the deal could not reach its final stage since the then Saddam government got overthrown at the time.

Had that deal gone through, OVL and RIL would have held 30 percent stake each in the oilfield. The remaining 40 percent stake would have been held by Algerian firm Sonatrach … (full text).

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