No proposal to acquire GSPC by ONGC

A non-binding MoU has been signed between ONGC and GSPC on October 4, 2016

GN Bureau | November 23, 2016


#ONGC   #GSPC   #MoU   #PSU  


There is no proposal to acquire Gujarat State Petroleum Corporation (GSPC) by Oil and Natural Gas Corporation Limited (ONGC), minister of state (I/C) for petroleum and natural gas Dharmendra Pradhan informed the Rajya Sabha in a written reply on Wednesday.

The minister, however, said that in one area, namely KG-OSN-2001/1, allotted to GSPC and its joint venture partners, GSPC has approached ONGC for framing out certain stake.

Towards this, a non-binding Memorandum of Understanding has been signed between ONGC and GSPC on October 4, 2016.

 

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