ONGC Videsh plans New York Stock Exchange listing by 2005
By an OGJ Online Correspondent
MUMBAI, Aug. 30 -- ONGC Videsh Ltd. (OVL), the overseas arm of the Indian government owned Oil & Natural Gas Corp. (ONGC), plans to list on the New York Stock Exchange by 2005.
That's when the Russian Sakhalin field, in which it has a 20% interest, starts production.
OVL is a partner in Sakhalin-I field with the Russian state-owned Rosneft. It paid $180 million for the interest in the field, in which total investment is pegged at $2 billion.
ONGC's Managing Director Atul Chandra said, "We plan to [also] acquire small and medium companies abroad, so that we can emerge as an important player in the international market."
He expects profit to rise to 2.5 billion rupees ($53.2 million) by 2004, up from the current 240 million rupees.