Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 07, 2014 at 03:24PM

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VENTURES AFRICA –Indian ONGC Oil and Gas has paid Videocon Group $2.47 billion to fund the Rovuma-Basin Area-1 gas field in Mozambique.

According to Reuters, ONGC, which last year bought Videocon’s 10 percent stake of the gas field to meet its energy demands raised the money through loan financing.

Mozambique’s Rovuma-Basin, which covers at least 2.6 million acres, could become one of the world’s largest LNG production centres, the report said.

Last year, ONGC said it would acquire Anadarko Petroleum’s 10 percent stake of the field for an estimated $2.7 billion to further boost its reserves.

The company is currently raising funds to pay Anadarko, and is expected to pay by February.

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