Indian Oil Corporation Ltd (IOC) and Oil India Ltd (OIL) have joined hands with Sonatrach, the national oil company of Algeria, for production of oil in a Libyan onshore block.
The Algerian company will own 50 percent interest, while the rest will be equally held by the two Indian companies. The two oil companies have agreed to cooperate in looking for oil and gas abroad and have teamed up with Reliance for exploring in a block in East Timor. The three Indian companies have a 50 per cent interest in the block, with Reliance owning half of it and the two PSUs, equally owning the rest.
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