Connect with us

Hi, what are you looking for?


Indian oil group mulls Angolan acquisition

NEW DELHI, Nov 2 – India\’s biggest oil group is looking at buying the Angolan assets of US giant ExxonMobil and Total of France as it seeks foreign resources to fuel the nation\’s economy, a report said Tuesday.

R.S. Sharma, chairman of Oil and Natural Gas Corp (ONGC), told the Financial Times he had met members of the Angolan government in New Delhi to discuss opportunities, including buying ExxonMobil\’s and Total\’s assets.

The Indian executive stressed that talks were at an early stage and he did not specify how much ONGC may invest, the newspaper said.

Jose Botelho de Vasconcelos, Angola\’s oil minister, has said Exxon and Total want to exit the country\’s Block 31 oilfield and that the Angolan state-run Sonangol oil group is looking for new partners.

India\’s growing dependence on energy imports has led the government to urge state-run groups to make at least one overseas acquisition this year.

However, none of the big Indian state-run groups has been able to seal a deal in the past 18 months as they suffer competition from their financially stronger Chinese rivals.

The last big deal made by a state-run group was ONGC\’s acquisition of Imperial Energy, a London-listed company with most of its assets in Russia, for 2.1 billion dollars nearly two years ago.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...