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Reuters: India allows ONGC to buy stake in Shell block

Fri Jun 15, 2007 9:35 AM BST

NEW DELHI, June 15 (Reuters) – India’s cabinet on Friday approved state-run explorer Oil and Natural Gas Corp. (ONGC.BO: Quote, Profile , Research) to buy a 33 percent stake in an Egyptian deep-water block from operator Royal Dutch Shell (RDSa.L: Quote, Profile , Research), a minister said.

“ONGC’s proposal to buy stake in Shell’s block in Egypt has been cleared. The amount is around $380 million,” the cabinet minister, who did not wish to be identified, said.

© Reuters 2007. All Rights Reserved.

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