ONGC Videsh plans New York Stock Exchange listing by 2005

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 (NYSE) by the year 2005, when the Russian Sakhalin field, in which it has a 20% equity stake, starts production.

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.

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