“Discussions are already on. The Venezuelan company, which is the fifth-largest oil producer in the world, is looking for a controlling stake in the project,” a source said.
But the exact size of the deal is yet unknown. ONGC Chairman R S Sharma confirmed that the Venezuelan company did evince some interest in the project.
“Petroleos De Venezuela showed interest in the project. And we held some talks initially. I can’t comment further,” he said on the sidelines of the launch of a CSR initiative of ONGC Officers Mahila Samiti (OOMS) here today.
ONGC has a 46 per cent stake in OMPL while its subsidiary, Mangalore Refinery and Petrochemicals Ltd, (MRPL) has a three per cent stake in it which together amounts to 49 per cent. The balance 51 per cent is proposed to be offered to the public or strategic partners.