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OVL-Mittal investment in Trinidad gets nod
Special Correspondent
NEW DELHI: The Cabinet Committee on Economic Affairs on Thursday gave its approval to ONGC Videsh Ltd. (OVL) to invest, along with Indian origin steel baron L. N. Mittal, $155 million in a gas block in Trinidad and Tobago and another $282 million in two exploration blocks in Brazil.
ONGC Mittal Energy, the joint venture between OVL and Mittal Energy, had last year bagged the NCMA-2 offshore block in Trinidad and Tobago.
Giving this information here, Minister of State in the Prime Minister’s Office, Prithviraj Chavan, said OVL had been authorised to invest $137 million in Block SM-1413 and another $145 million in Block ES-470 off the Brazil coast.
While Trinidad and Tobago investments were being made expecting a minimum rate of return of 14 per cent, the same in Brazil was being done at minimum 16 per cent.
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