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OVL to take 11 p.c. stake in Sudan oil field

NEW DELHI, JAN. 21. ONGC Videsh, the overseas arm of Oil and Natural Gas Corporation, will acquire 11 per cent stake in a 744 million barrel oil field in Sudan for $125.4 million.

"The Cabinet Committee on Economic Affairs cleared the proposal last evening,'' the Union Petroleum Minister, Ram Naik, told reporters on the sidelines of an IEA seminar here. OVL will buyout 6 per cent stake of Gulf Petroleum Corp of Qatar in Block 3 and 7 for $68.4 million and UAE's Al-Thani Group's 5 per cent stake in the field for $57 million.

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