Canada's Talisman Energy has completed a long-awaited deal to sell its indirectly held interest in Sudan’s Greater Nile Oil Project to India’s ONGC Videsh for $1.2 billion, reported the Globe and Mail.
Lengthy purchasing negotiations were the result of complexities related to other consortium members' interests, including the state oil companies of China and Malaysia.
This past November, Talisman entered into a definitive agreement for the sale of interest in the Greater Nile Oil Project in Sudan to ONGC Videsh, a subsidiary of the Oil and Natural Gas Corporation, India's national oil company.
In February, Talisman reported substantial progress in obtaining the necessary approvals from the Government of Sudan and other consortium members for the sale.
Talisman acquired a 25 percent interest in the Greater Nile Oil Project in October 1998 through the acquisition of Arakis Energy for approximately 8.9 million common shares of Talisman. Based on the company’s share price at the time, the purchase price for Arakis was approximately 278 million Canadian dollars ($190 million). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
