Dubai, Apr 19: The Oil and Natural Gas Corporation (ONGC) has tied up with the Gulf Oil Corporation, a Hinduja company, to set up a joint venture for oil and gas exploration, development and production in the Gulf region, media reports said here.
The alliance, which is yet to be formally announced, would identify, develop and implement project and business opportunities in Iran, Kuwait, Oman, Qatar and the UAE. It is also eyeing Brunei, Libya, Russia, Ukraine, United Kingdom and Saudi Arabia, according to a Khaleej Times report.
The equity interest in the joint venture would be in the ratio of 51 per cent for ONGC and 49 per cent for Gulf Oil and financial institutions.
However, sources close to Chairman of Hinduja group S P Hinduja, who is currently in Abu Dhabi to explore business opportunities, did not divulge details about the tie-up.
Gulf Oil, which operates a lubricant and blending plant in Jebel Ali Free Zone, has also announced plans to expand its capacity to 95,000 tonnes and unveiled a 500 million dollar base oil refinery project there.