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Drumbeat: Ad Buzzaar
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Wednesday, June 24, 1998
HOEC to offer 26% stake to Unocal
bENS ECONOMIC BUREAU
MUMBAI, June 23: Hindustan Oil Exploration Company (HOEC) has decided to offer 26 per cent of its Rs 5.3 crore equity to Unocal Bharat Limited, a wholly-owned subsidiary of energy major Unocal.The company, which had been scouting for a partner for some time, had received offers for equity participation by both British Gas and Unocal. On Tuesday, the HOEC board decided to make the preferential equity allotment to the US exploration company. HOEC is the country's first private sector oil and gas exploration and production venture. Hardy Oil and Gas Plc of UK hold 15 per cent stake in HOEC each. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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