【New Delhi】Oil India Ltd, the nation’s second largest explorer, on Friday said it has completed acquisition of 50 per cent stake in an oil block in Russia for $85 million.
OIL bought the stake from Ireland-registered, Russia- focused firm PetroNeft Resources plc in License 61 in Tomsk Oblast in Russia. The deal includes a three-stage payout including $35 million in cash up-front, $45 million in exploration and development spending and a performance bonus of up to $5 million. “The total commitment from OIL will be $85 million including $45 million for development capex. The effective date of the acquisition is January 1, 2014,” the company said in a statement here.
The acquisition marks OIL’s entry into Russia and is a significant addition to the company's overseas E&P portfolio. Last month, it had signed an MoU with Russia’s Gazprom International BV for joint pursuit of exploration opportunities across the globe as well as collaborate on liquefied natural gas (LNG).
○US Exim Bank weighs loan to major India coal project
【Washington】The US Export-Import Bank is considering financing a massive coal-fired power plant in India despite the fact the Obama administration has called on domestic and global public lenders to stop funding coal-plants in his climate change strategy.
The board of the Exim Bank, the United States' export credit agency, voted last December to stop funding coal plants overseas — except in certain circumstances — in response to President Barack Obama's Climate Action Plan, which called on US and international lenders to do so.
However, an Exim official said, “We are currently reviewing the application, which we received last month, to determine if it satisfies our criteria of 'reasonable assurance of repayment' and to ensure that it adheres to our environmental and other policies.”
The coal project being reviewed by the bank is a 4,000 MW integrated power plant and coal mines located in Jharkhand. The supercritical plant, which uses more efficient boilers than traditional coal-fired power plants, is owned by Reliance Power, Tata Power and coal mining company NTPC. The Exim Bank does not disclose which US vendors have applied for the loan until the loan is approved.
【News source】
OIL completes buying oil block in Russia
US Exim Bank weighs loan to major India coal project
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