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Home > Business > PTI > Report

India keen on crude from Sudan oil field: Naik

April 01, 2003 18:59 IST

The government on Tuesday said that it was in talks with CNPC of China and Petronas of Malaysia for buying their share of 8.4 million tonnes per annum of crude oil in a Sudan oil field where state oil firm ONGC Videsh Ltd has taken 25 per cent stake.

"CNPC and Petronas do not ship their share of crude in the Greater Nile Oil Project to their countries. They sell it in the market. We are keen to buy that crude as it would provide us guaranteed long-term supply," Petroleum Minister Ram Naik told reporters in New Delhi.

OVL, the overseas arm of state-owned Oil and Natural Gas Corporation, has bought Canadian Talisman Energy Plc's 25 per cent stake in the 12 million tonnes per annum Sudan field.

The firm will ship its share of three million tonnes of crude for processing at refineries in India. The first of the shipment is likely to arrive at Mangalore port in May. While ONGC has asked domestic refiners to quote their requirement of Nile Blend crude, the oil produced from GNOP, it would begin processing the Sudan crude at its subsidiary Mangalore Refinery Petrochemicals Ltd to begin with.

Naik said OVL had initiated dialogue with China National Petroleum Corporation of China, Petronas Corigall Overseas SDN BHD (Petronas) of Malaysia, who hold 40 per cent and 30 per cent interest in GNOP respectively, for buying their share of crude oil at market price.

"We certainly are keen on bringing Sudan crude to India. Cost economics are being worked out," he added.



© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.





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