• Thursday, August 18, 2022

Business

ONGC Videsh, Indian Oil in talks to acquire stake in $3b Kenya project: report

An Indian Oil filling station in New Delhi, India. (Photo by SAJJAD HUSSAIN/AFP via Getty Images)

By: Shubham Ghosh

ONGC Videsh and Indian Oil Corporation are reportedly in talks to acquire a stake in a project of Tullow Oil Plc in Kenya worth $3.4 billion, Bloomberg reported citing informed sources.

The transaction’s value may range between $2 billion and $3 billion, the sources said on the condition of anonymity since the talks are reportedly private.

The Indian state-backed companies will be come the project’s joint operators once the deal is finalised, the Bloomberg report said citing the sources.

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