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Article: IOC may cut its stake in Farsi fields.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- May 11, 2009
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IOC may cut its stake in Farsi fields
New Delhi, May 11 (PTI) -- Indian Oil Corp (IOC) may cut its stake in the massive Farsi gas and oil field in Iran as it faces financing pressure due to continuing losses on fuel sales.
IOC holds 40 per cent interest in Farsi, where ONGC Videsh, the overseas arm of Oil and Natural Gas Corp (ONGC), is the operator with an equivalent shareholding. Oil India Ltd holds the remaining 20 per cent.
"Developing the gas field alone would cost USD 4 billion and accordingly our investment would be USD 1.6 billion (Rs 8,000 crore). Whether we will have that kind of money to spare during 2010 to 2014 is to be seen," an ...