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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9803)	11/26/1999 1:53:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

IOC (Indian Oil) to buy 35% stake in Iran oilfield indianoilcorp.com 26-11-1999 21:34:19 (Probity) Indian Oil Corp (IOC) plans to acquire a 35% stake in Iran's discovered Balal oilfield, a company official said today. "IOC plans to acquire 35% participating interest in Iran's Balal oilfield for the first five years of its production," the official, who did not want to be identified, told Reuters. He said IOC would pay $55mn for its equity share, the foreign exchange approval for which has been given by the Reserve Bank of India. The Balal field was estimated to annually produce 11mn ton of crude for up to 15 years, he said, adding that IOC`s involvement for the remaining 10 years and beyond would be decided once crude began to flow from field. IOC, India`s leading oil refiner, will get crude in proportion to its stake from the field. French energy group Elf Aquitane and Canada's Bow Valley Energy are developing the field at an estimated cost of $300mn. "The initial production should start in another 3-6 months," the official said.