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India’s ONGC Plans $180 Billion Global Acquisition Spree: FT 2014-10-26 13:19:58.854 GMT
By Lucy Meakin Oct. 26 (Bloomberg) -- ONGC plans “huge” spree to take on Chinese rivals, boost foreign production sevenfold by 2030, Financial Times reports citing interview with chairman Dinesh Sarraf. * Group aims to increase international oil and gas output to 60M tons from 8.5M to meet rising domestic energy demand * Investments will come from “virtually everywhere” to meet goal; ONGC invested about $7B since 2013 in foreign assets inc. from Mozambique, Brazil * Expansion potentially aided by decline in oil prices as new deals become available, Sarraf says * ONGC considering offer to invest in Rosneft’s Vankor, Yurubcheno-Tokhomskoye oilfields in Siberia, plus assets in Arctic
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To contact the editor responsible for this story: Lucy Meakin at +44-2076732493 or lmeakin1@bloomberg.net