ONGC files arbitration claim against Sudan over unpaid oil dues

Posted On April 19th, 2018 - 7:36 am | by Oil and gas press

The foreign acquisition unit of India’s Oil and Natural Gas Corp’s (ONGCNSE 1.24 %) has filed an arbitration claim against the government of Sudan in a London court, a company official reportedly said, seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011. according to Economic Times reports.

At the centre of the dispute is ONGC’s 25 percent stake the company acquired in the Greater Nile Oil Project (GNOP) in Sudan in 2003. Other stakeholders include China’s China National Petroleum Corp with a 40 per cent stake and Malaysia’s Petronas with a 30 per cent share.

Source / More: Economic Times

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