ONGC Videsh strikes $2.6 billion Mozambique deal

Asian companies compete to secure equity stakes in liquified natural gas in East Africa, with India's ONGC Videsh the latest to reach a deal.

India's state-owned ONGC Videsh has become the latest Asian company to strike a deal in the resource-rich East African region.

ONGC Videsh, the subsidiary that handles the offshore operations for Oil Natural Gas Corp ONGC on Monday agreed to buy a 10% stake in a Mozambique gas field from New York-listed Anadarko Petroleum Corp for a cash price of $2.64 billion.

Asian companies have been competing to secure equity stakes in liquified natural gas LNG fields  and, according to a person close to the situation, much of this will be sold into Asia, to offer a cheaper alternative to Australia's LNG. As a...

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