India Oil Secretary: Yet To Evaluate Vedanta Proposal To Buy Cairn India Stake
August 16 2010 - 3:42AM
Dow Jones News
The Indian government is yet to receive and evaluate a proposal
on the transfer of Cairn India Ltd.'s (532792.BY) assets to Vedanta
Resources PLC (VED.LN), the country's oil secretary said
Monday.
"As and when we receive a proposal, we will examine it on merit
and take a view," S. Sundareshan told reporters.
He said the transfer of the oil and gas exploration assets was
governed by production-sharing contracts between the government of
India and Cairn India, and Oil & Natural Gas Corp. Ltd.
(500312.BY) was also a partner in the exploration asset in
Rajasthan state.
A government decision will be on the basis of a
production-sharing contract, which has a provision for the transfer
of ownership, Sundareshan said.
"But this has to be in concurrence with the government of
India," he said, adding that ONGC's views on the transfer of assets
would also be considered.
-By Eric Yep, Dow Jones Newswires; 91-22-6145-6110;
eric.yep@dowjones.com
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