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Singapore’s
PSA buys 21% in ONGC-SCI joint venture.
Financial Express MUMBAI, MARCH
8
An arm of Singapore’s
PSA International Ltd has bought a 21% stake in a shipping venture floated by
Oil and Natural Gas Corp Ltd (ONGC) and Shipping Corp of India Ltd.
*SIMPLY
SINGAPORE*
- Amount for stake in Offshore Marine Services still undisclosed
- New company to serve ONGC operations
- Charter agreement with
ONGC and Shipping Corp likely
PSA Marine Ltd, whose parent is owned by
Singapore state investment group Temasek, will pay an undisclosed amount for the
stake in Offshore Marine Services Ltd, an official at state-run energy explorer
ONGC said on Wednesday. ONGC and Shipping Corp, also state run, each hold 24.5%
in the venture, and they will offer the remaining 30% to financial institutions,
the official said. The new company will serve ONGC’s offshore marine vessel operations
and other Indian oil and gas companies. The official said the venture would sign
a charter agreement with ONGC and Shipping Corp to use their marine vessels, and
also acquire new vessels to serve clients other than ONGC. Top |
