Online edition of India's National Newspaper
Friday, Oct 26, 2007
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Online edition of India's National Newspaper Friday, Oct 26, 2007 ePaper |
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NEW DELHI: Oil India Limited (OIL) has set up plans to initiate crude oil production from its facilities in Libya and Gabon during the XI Plan. The company’s IPO is expected to hit the market in the first quarter of 2008. According to an official release here, the company has recorded an impressive growth and paid a dividend of 260 per cent for 2006-07 to the Petroleum and Natural Gas Ministry. The dividend cheque was handed over to Petroleum Secretary M. S. Srinivasan by OIL Chairman and Managing Director M. R. Pasrija on Wednesday. The company said it had acquired 50 per cent partnership interest and operatorship in two blocks in Libya, where 2D seismic survey was now in progress. OIL plans to drill three wells in Libya. The proposed IPO and issuance of shares to employees have been approved by the Government and the company is targeting the IPO during the first quarter of 2008.
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