ONGC owns a near 14% stake in state-run Indian Oil Corp and a near 5% stake in GAIL.
The capacity of the LNG terminal will be decided upon the gas demand in Sri Lanka and is expected to be developed in 2 years.
It is part of IOC's plan to increase its refining capacity by about 89% to 3 million barrels per day (bpd) by 2030.
HPCL has in the past tried to enter into fuel marketing in Fiji and Africa.
The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.
Rosneft will get a 49 percent stake in Essar and the two investors -- European trader Trafigura and a Russian fund UCP -- will hold the remaining 49 p
GSPC, controlled by the state government, has already invested about $3.6 billion in exploring and building infrastructure around the block but with l
Bankers have "strongly supported" the idea of consolidation, suggesting the government form a panel of experts to devise a merger strategy
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