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    Business Standard: ONGC Videsh to Double Africa Investments to $16 bn in 3 Years

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Summary

Indian firm ONGC Videsh Ltd has said that it wants to double its oil and gas investments on Africa to $16 billion over the next three to four years

by: Erica Mills

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Press Notes, Africa

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Business Standard: ONGC Videsh to Double Africa Investments to $16 bn in 3 Years

ONGC Videsh Ltd (OVL), the overseas investment arm of state-run explorer Oil and Natural Gas Corporation (ONGC) is planning to double its investments in Africa from the current $8 billion over the next three years.

"ONGC Videsh has invested around $8 billion in Africa so far. We aim to double this investment over the next 3-4 years. We are willing to invest in both upstream and downstream projects but there is a need to resolve the prevalent challenges in the system to spur investment growth," OVL Managing Director N K Verma said in his address at the India Africa Business Forum here.

Read the full article HERE.

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