OVL, partners weigh Sudan governmentís all-or-nothing offer

Jun 12 2014, 02:48 IST
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For OVL, the GNOP venture is important because it is a producing asset and the potential for expansion is considered to be huge. For OVL, the GNOP venture is important because it is a producing asset and the potential for expansion is considered to be huge.
SummaryFor OVL, the GNOP venture is important because it is a producing asset and the potential for expansion is considered to be huge.

two years with outstanding dues of $210 million from the Sudanese government for oil sold earlier. After the split, Sudanís share of total production proved insufficient to meet its local refinery requirements. Since 2011, it has been buying the foreign partnersí share of crude oil for local refinery feedstock requirements. However, Sudan has not paid for purchase of oil. OVLís share of estimated dues from Sudan was about $ 112 million as on June 2012. Verma, the Indian ambassador in Sudan, is understood to be pursuing the issue with the local finance ministry.

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