ONGC Mittal Energy Ltd (OEML) has signed an MoU
with the Nigerian government to undertake infrastructure development projects in
that country in exchange of oil drilling rights.
OMEL will invest in core sectors like railways,
petroleum refining and power in exchange for oil drilling rights. Though
financial details of the deal are not yet available, it is learnt that the
infrastructure development would involve capital expenditure of $6 billion (over
Rs.25,000 crore.)
Also See:
ONGC, Mittal
formalize partnership (12-Oct-05)