ONGC clarifies on news item regarding pipeline project

With reference to the news item appearing in a leading financial daily titled "ONGC, Cairn to share cost of Rajasthan pipeline project", Oil & Natural Gas Corporation Ltd (ONGC) has clarified that the Company confirmed discussions on between the Company and Cairn in regard to modalties for evacuation of crude oil to be produced from Block RJ-ON -90/1 in Barmer Disttt (Rajasthan) to a convenient location for sale, including options for execution of pipeline project, subject to approval of Ministry of Petroleum & Natural Gas. No formal agreement has been arrived at as yet.

Source : Equity Bulls

Keywords