The foreign acquisition unit of India’s Oil and Natural Gas Corp’s (ONGC) has filed an arbitration claim against the government of Sudan in a London court, a company official said, seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011.
People familiar with the matter in India and Sudan said ONGC had filed a claim for $98.94 million, in what they said was a first for the South Asian nation’s top oil and gas explorer against any government. They declined to be identified because they weren’t authorised to discuss the matter with media.
At the centre of the dispute is ONGC’s 25 percent stake the company acquired in the Greater Nile Oil Project (GNOP) in Sudan in 2003. Other stakeholders include China’s China National Petroleum Corp with a 40 per cent stake and Malaysia’s Petronas with a 30 per cent share. Read More
Latest posts by ET Energy World (see all)
- World Bank to extend $30 billion assistance to India for development through 2022 - September 21, 2018
- Indian economy to reach $5 trillion size by 2022: PM Narendra Modi - September 20, 2018
- Maharashtra may hike liquor price so as to cut taxes on petrol, diesel: Official - September 20, 2018