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| Sunday, 27 February 2005 |
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IOC in talks to acquire French company Indian Oil Corp, the country's largest oil firm, is in talks to acquire French exploration company Maurel and Prom, a top company official said on Wednesday. "We are in talks with Maurel and Prom," the official said but refused to divulge details. IOC, the dominant oil refining and marketing company, had last year raised a $2 billion war chest for the acquisition of a mid-sized oil and gas exploration firm and has been in talks with Maruel and Prom since October."Negotiations are continuing," he said. IOC is believed to have offered around $1.2 billion to acquire the exploration firm, which has producing assets in Congo, Vietnam and Cuba with reserves of 300 million barrels of oil equivalent proven and probable and about 270 million barrels of possible oil equivalent. (Courtesy Hindustan Times) |
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