Monday, November 14, 2005

Oil: India's Oil & Natural Gas Corp consider $6 billion Nigerian investment

India's Oil & Natural Gas Corp., is considering investing a possible $6 billion in oil refining and power in Nigeria in exchange for oil and gas.

A company statement said the amounts invested will depend on the oil and gas yields from exploration areas allotted by Nigeria to Oil & Natural Gas.

In September the company acquired equity in a Cuban venture alongside Repsol YPF SA (Spain) and Norway's Norsk Hydro ASA.