ONGC eyes $1 billion Russian investment

ONGC Videsh Ltd., the overseas exploration arm of India's state-owned Oil & Natural Gas Corp., is screening international bankers to help it raise more than $1 billion in external commercial loans for investments in Russia. The company needs the funds to acquire oil fields in Russia and to buy equity stakes in that country's national oil companies that have been singled out for disinvestment-notably Lukoil and Rosneft. To fund these ventures, the ONGC subsidiary plans to raise term loans overseas, spread over the coming 10 years. An international investment banker is to be selected to help raise these funds and assess property in Russia. ONGC Videsh is particularly i...

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