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Home  >>  Daily News  >>  Vietnam News  >>  Energy  >>  India’s ONGC to spend $149m in Vietnam oil venture

3 October 2009

India’s ONGC to spend $149m in Vietnam oil venture

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The Indian cabinet on Thursday allowed state-run Oil and Natural Gas Corp's subsidiary to invest an additional $149.5 million for expansion of its oil block in Vietnam, Reuters reported.

ONGC Videsh, which has 45 percent participating interest in the block jointly with Petro Vietnam and BP, will invest the money from the project's revenue proceeds, the governmment said in a statement.

The cabinet approval came during the visit of Vietnamese State Vice President Nguyen Thi Doan who met Indian Vice President Mohamed Hamid Ansari in New Dehli on October 1, according to a related story posted on

The visit coincided with the Vietnam-India Business Forum, which was held in New Dehli attracting a large number of Vietnamese and Indian businesses.


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