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    IOC-OIL joint venture eyes acquisition of Gulf Keystone

    London (PTI): Indian Oil Corporation and Oil India joint venture is eyeing acquisition of London Stock Exchange-listed Gulf Keystone Petroleum Ltd for USD 2.23 billion.

    Gulf Keystone Petroleum Ltd has operations in Kurdistan, Iraq and Algeria.

    IOC-OIL joint venture has been in talks with the promoters, including two groups based out of Kuwait, investment banking sources here said.

    The two have put a value of USD 2.23 billion for acquiring the company but the promoters are asking for substantially higher price, they said.

    In New Delhi, IOC Chairman Sarthak Behuria declined comments on the issue while OIL Chairman and Managing Director N M Borah did not take calls.

    Gulf Keystone is a Bermudian incorporated company with Gulf Keystone Petroleum LLC being the largest shareholder with 10.84 per cent.

    TF Kozel and AA Al-Qabandi are both shareholders in Gulf Keystone Petroleum Co LLC and IOC-OIL are believed to have been talking to them.

    Talks are still on and no agreement has been reached as yet, sources said.

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