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People & Business :: M&A

Kuwait Petroleum, ONGC sign deal for OPAL and Mangalore projects in India

1:30 PM MST | January 15, 2014 | Natasha Alperowicz

Indian energy major ONGC (New Delhi) on Tuesday signed a memorandum of understanding with Kuwait Petroleum Corp. (KPC), which could lead to the Kuwaiti firm becoming a shareholder in two of ONGC’s petrochemical projects in the country: ONGC Petro Additions (OPAL; Vadodara) and ONGC Mangalore Petrochemicals (OMPL; Mangalore). Sudhir Vasudeva, chairman of ONGC, says that his company is offering a 26% stake in each of the projects. KPC’s CEO Nizar Al Adsani, meanwhile, says the agreement is the first of many steps to come and that KPC had been looking at...

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