Videocon to buy stake in Sudan oil field
Financial services company Videocon Industries has decided to invest $100 million for a 76 per cent stake in an oil field in Sudan, Chairman VN Dhoot said on Friday.
"The Videocon group wants to expand in the energy sector and Sudan is opening up and has good oil fields," he told the agency.
India, which imports 70 per cent of its oil needs and barely produces the gas it consumes, has been encouraging companies to chase up energy ventures.
Videocon signed a memorandum of understanding with the government of Khartoum province in Sudan last month for investing and developing oil projects there, the company said in a notice to the Bombay Stock Exchange.
It said Videocon's board was also considering investing in the development and exploration of oil in India and in the Middle East.
The group, which also makes televisions and home appliances, already has a stake in the Indian oil field, Raava, located in the Krishna-Godavari basin off the country's eastern shore.
ONGC Videsh, a unit of state-run Oil and Natural Gas Corp, is already active in Sudan with equity stakes in some projects.
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- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
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