Energy | OVL efforts for Nigerian blocks hit roadblock

Energy | OVL efforts for Nigerian blocks hit roadblock
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First Published: Wed, Mar 18 2009. 11 06 PM IST
Updated: Wed, Mar 18 2009. 11 06 PM IST
New Delhi: ONGC Videsh Ltd’s (OVL) efforts to get back two highly prospective deep-sea oil blocks in Nigeria have hit a roadblock with a court in the African nation granting an interim injunction on the transaction.
Korean National Oil Corp. (KNOC) had moved court after the Nigerian government cancelled its licence for block 321 and 323 and decided to restore them to OVL, the overseas arm of India’s Oil and Natural Gas Corp. (ONGC).
Media reports from Abuja said a federal high court restrained the government from interfering with operations of the two oil blocks.
The court allowed KNOC to seek judicial review of the government order revoking its licence on the two blocks.
PTI
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‘Tata, JSPL cannot divert coal from CTL projects’
New Delhi: Tata Sons-Sasol joint venture Strategic Energy Technology Systems and Jindal Steel and Power Ltd will not be able to divert surplus coal from the promotional mining blocks allotted for $18 billion (Rs92,520 crore) projects to convert coal into liquid (CTL) petroleum, sources said.
“In the allotment letters, we have categorically stated that coal mined from the two blocks has to be used exclusively for coal-to-liquid projects,” a senior official in the coal ministry said on Wednesday.
The government this month allocated Ramchandi and Shrirampur coal blocks in Orissa to Strategic Energy Technology Systems and Jindal Steel and Power, respectively.
PTI
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REpower stake: Suzlon close to deal for funds
Mumbai: Suzlon Energy Ltd is close to selling a stake in the company to a private equity (PE) firm to part-finance its stake buy in REpower Systems AG from Martifer Group, a source close to the development said.
As per its agreement with Martifer Group of Portugal, Suzlon Energy has to pay €270 million (about Rs1,800 crore) for 22.5% stake in the German company in three phases by May.
In the first tranche, the company has already paid €65 million through cash from operations and new borrowings to raise its equity stake in REpower to 73.71%.
The Indian wind turbine maker is scheduled to pay €30 million in April, and €175 million in May.
“We are looking at all options of fund raising for our growth plans and payment to Martifer for REpower stake. Private equity route is one of them and we are talking to private equity players but at this moment we can not give any more details,” a Suzlon spokesperson said.
According to market talk, Suzlon Energy is in talks with private equity firms such as Carlyle to place 5-7% stake.
Newswire18
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First Published: Wed, Mar 18 2009. 11 06 PM IST
More Topics: OVL | ONGC | Nigeria | Tata | JSPL |