ONGC to Sell Dollar Bonds to Fund $1Bn Stake Buy in Azerbaijan

摘要

ONGC has reportedly decided to sell dollar bonds to fund the $1 billion acquisition of a stake in Azerbaijan oilfields. Hess Corp said in September it had agreed to sell its 2.72 percent stake in the large Azeri, Chirag and Guneshli(ACG) group of oilfields as well as its 2.36 percent stake in an associated pipeline to ONGC for $1 billion. Sources say that ONGC's foreign investment arm, ONGC Videsh Ltd, will buy the assets in a deal it expects to close in the first quarter of 2013. It is however, subject to Indian and other mandatory regulatory approvals.